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SNBC^^^<longs TY Wilbur>>Sun Bancorp says investors to buy $100M in shares
Sun Bancorp says WL Ross & Co. and other investors to buy $100 million in shares; stock rises

12:46 pm EDT

VINELAND, N.J. (AP) -- Sun Bancorp Inc. said Thursday that WL Ross & Co., the bank's founding Brown family shareholders and others will invest $100 million in its common and preferred stock.

The news sent shares up $1.43, or 39.6 percent, to $5.04 in midday trading.

The shares bought by WL Ross will represent 24.9 percent of the company's outstanding stock.

The bank plans to use the capital to strengthen and expand its operations and pursue growth opportunities in New Jersey.

Shares of Sun Bancorp have ranged from $3.33 to $6.33 over the past year.