Sun Bancorp (SNBC)

[56Chevy]

Sorry nothing new jackstone104-

I think SNBC's story leading up to now is laid out objectively in past post...especially posts by EI. We try to present the good with the bad on our boards. Balance.

I've taken the most significant line out of one of his recent posts and put it in italics below. It bears repeating.

SNBC lost $28.1 million in the first quarter. The loss was caused by more loans going bad. The loan loss provision expense was $30.7 million. Banks traditionally do "winter cleaning". The goal is to start a new year with a tidy balance sheet. I would consider this a temporary setback.

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The reasons you gave for taking a postion are rock solid. I don't think you can under-estimate how advantageous it is that you're in under Mr. Ross' costs! Opportinities like that just don't come around real often. He's a smart guy...he can't add any more since he has a 24.9% stake ...but I bet ya a ham sandwhich he would if he could! ;)

It's a wait game now.

Best of Luck!