The loans had a book balance of $77 million and included $68 million in non-accrual loans, according to the report. Net proceeds totaled $54 million, and the company expects a loss of approximately $25 million after expenses and commissions resulting from the sale at the end of this quarter.
Sun Bancorp President and CEO Thomas X. Geisel said that the company’s priority is strengthening the balance sheet and resolving problem loans through this transaction as part of that process.
Read the Sun Bancorp report on the loan sale.
Read other coverage on Sun National Bank:
– Sun National Bank Recognized as One of America’s Most Trusted Companies by Forbes
– 6 Companies for Hospitals and Surgery Centers to Know
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