Sun Bancorp. merges with Community Bank
Sun Bancorp Inc. of Vineland announced on July 8 that it completed a merger with Community Bancorp of New Jersey and its subsidiary Community Bank of New Jersey.
Community Bank’s eight branches in Monmouth County opened as Sun National Bank branches on July 9.
With the close of the merger, Sun now has 11 locations in Monmouth County. This brings the total number of Sun branches to 84, located in 12 central and southern New Jersey counties, Philadelphia, and New Castle County in Delaware, and increases Sun’s total assets to approximately $3 billion. In the third quarter, Sun will expand its reach with the opening of two new branches acquired in the merger currently under construction in Holmdel and Old Bridge.
"Sun National Bank has always been dedicated to growing our presence in the communities we serve, and the merger with Community Bank of New Jersey allows us to enhance and expand our position and commitment to Monmouth County and central New Jersey," said Thomas A. Bracken, president and chief executive officer of Sun Bancorp Inc. and its wholly owned subsidiary Sun National Bank. "These new branches help Sun achieve our mission to be the premier community bank in every community we serve."
According to a press release, customers of the new branches will benefit from Sun’s broad range of banking products and services, as well as Sun’s regional banking philosophy.
The completion of the agreement and plan of merger whereby Sun acquired Community Bancorp of New Jersey and its subsidiary Community Bank of New Jersey is a stock-for-stock exchange merger valued at approximately $69.3 million.
Sandler O’Neill, New York City, acted as financial adviser and Malizia Spidi and Fisch, Washington, D.C., acted as legal adviser to Sun in connection with the merger.
Sun Bancorp Inc. is headquartered in Vineland, Cumberland County. Its primary subsidiary, Sun National Bank, serves customers through more than 80 community banking centers in southern and central New Jersey, New Castle County in Delaware, and in Philadelphia. The deposits of the bank are insured up to the legal maximum by the Federal Deposit Insurance Corporation.