Sun Bancorp (SNBC) Chairman Brown to Resign

October 28, 2016 9:11 AM EDT

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Sun Bancorp, Inc. (Nasdaq: SNBC) announced that its Chairman of the Board, Sidney R. Brown, has informed the Board of Directors of his decision to step down as Chairman of the Company and the Bank effective December 31, 2016. Mr. Brown will continue to serve as a member of the Board of the Company and the Bank. Mr. Brown has served as Chairman since May, 2013 and also served as Interim CEO of the Company and the Bank for eight months during 2013 and early 2014.

"The demands on my time as CEO of NFI Industries, Inc. continue to increase as this family business expands both globally and logistically," stated Mr. Brown. "The Company and Bank are now on much stronger footing, and the management team at Sun has aggressively addressed the many challenges that had previously confronted the Company. As a result of these efforts, the Bank's long-standing regulatory agreement was ended in January this year and the Company has reported profitable operations since January, 2015. Consequently, the timing is right for me to take a less active role in the boardroom. I look forward to working with our Board and Management as the Company continues its impressive progress."

President & CEO Thomas M. O'Brien stated, "During his Board tenure, Sid Brown has taken on a variety of demanding roles for the Company, including Board Chair, then Interim CEO, along with Board committee duties. It is certainly understandable that he wishes to step back somewhat from the Company and focus on his significant responsibilities at NFI. He has consistently been an advocate for change and his support for our major restructuring was important to its success. Sid was instrumental in recruiting the executive talent necessary to the success of the Company. The Board's Nominating and Corporate Governance Committee has received Sid's decision and will be recommending a successor in due course to facilitate a smooth transition. We expect the successor to be selected from among the Board's independent members, consistent with our current practice of separating the CEO and Chair positions."

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