Sun Bancorp (SNBC)

[56Chevy]

August 30, 2011 Sun Bancorp (SNBC -1.7%) files a $150M shelf registration, saying the move will enable the bank holding company to "quickly capitalize on market opportunities should they arise." The firm has been trimming underwater assets ever since Wilbur Ross took a 25% stake, realizing at least $80M in losses.

Thursday, July 8, 9:22 AM Sun Bancorp (SNBC) says investor Wilbur Ross and the company's founding Brown family will buy $100M of common and preferred stock, equal to a 24.9% stake. The deal was done at $4 a share; Sun's common shares closed yesterday at $3.59.

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Considering it's Wilbur Ross (WR) were talking about and he has a 24.9% stake that he paid $4 @ share to get, Fridays' closing price of $2.96 on Feb. 18, 2012 is an excellent entry price going forward. Matching or even beating WR's entry price by over 25% is a golden opportunity that's hard to overlook.