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Sun Bancorp President And CEO Thomas X. Geisel to Resign Effective December 2, 2013

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Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company") announced today that Thomas X. Geisel, President and Chief Executive Officer of the Company and its wholly owned subsidiary, Sun National Bank (the "Bank"), will terminate employment effective December 2, 2013.  Mr. Geisel will also resign as a member of the Board of Directors of the Company and the Bank on that date. 

The Company has retained the international firm of Spencer Stuart to assist in the selection of a new President and Chief Executive Officer.  During the pendency of that search and subject to regulatory approval, Sidney R. Brown, Chairman of the Board of the Company, will serve as Interim President and Chief Executive Officer.

"Tom has been a valuable member of the team over the last few years, helping us address the regulatory and other challenges facing the Bank," said Brown.  "While much progress has been achieved", Brown stated, "work still remains and the Board believes it is an appropriate time to seek new leadership to complete those tasks and begin to lay the foundation for a new era of operational stability, growth and profitability for our shareholders."

Wilbur L. Ross, a leading member of the

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Posted-In: News Guidance Financing Offerings Management Global

 

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