Sun Bancorp (SNBC)

[Enterprising Investor]

SNBC Hires 50 MetLife Mortgage Professionals, Boosts Residential Lending Team (4/26/12)

VINELAND, N.J., April 26, 2012 /PRNewswire/ -- Sun National Bank has more than doubled the size of its New Jersey home mortgage team, by creating positions for 50 former MetLife professionals at Sun Home Loans, the residential lending division of the bank.

The new hires include 25 loan officers and 25 support services professionals, who will serve customers throughout the State of New Jersey. The Sun Home Loans teams are based in operations centers in Florham Park, N. J. and Turnersville, N.J., to serve, respectively, the central/northern and southern parts of the state.

One of Sun's competitive advantages is the ability to be nimble and strong enough to capitalize on market disruption and create growth opportunities, as it expands its reach and service to customers. In late 2011, MetLife announced it was exiting the banking business and would be sold to GE Capital. Sun saw an opportunity to create jobs for leading mortgage professionals, who understood the New Jersey customer base, and to grow its residential lending business across its footprint.

"We welcome the new members of our team and are confident this expansion of the Sun Home Loans division will enhance our residential mortgage platform, enable us to bring other bank products and services to our mortgage customers and increase our overall market penetration across the State," said Thomas X. Geisel, President and CEO, Sun National Bank. "We are already seeing the benefit of expanding our team, having achieved a 132% increase over the prior quarter in home mortgage originations."

Sun National Bank is focused on innovative ways to serve residential and commercial customers, grow revenue, and hire industry leaders. The new Sun Home Loans professionals have a long track record of achievement in residential lending and an in-depth understanding of discrete residential markets throughout the state.

"Our new team was looking for an opportunity to work with an organization just as committed as we are to serving the residents of New Jersey, where we all live and work," said Scott Hagen, Senior Vice President and New Jersey Sales Director for Sun Home Loans. "We're pleased to join a group of professionals who, like us, offer customers the knowledge and expertise gained from big bank experience, along with a personal approach that honors local relationships and offers accessibility at the community level."

About Sun

Sun Bancorp, Inc. (Nasdaq: SNBC) is a $3.11 billion asset bank holding company headquartered in Vineland, New Jersey, with its executive offices located in Mt. Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a full service Commercial Bank serving customers through 68 locations in New Jersey. Sun National Bank was named one of Forbes Magazine's "Most Trustworthy Companies" for five years. The Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnb.com.

SOURCE Sun National Bank

http://www.prnewswire.com/news-releases/sun-national-bank-hires-50-metlife-mortgage-professionals-boosts-residential-lending-team-149036815.html