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News and Information Article
Our mission is uncompromising ... ... to be the Premier Community Bank in
every community we serve
VINELAND, N.J., June 26 /-FirstCall/ -- Sun Bancorp, Inc.
(Nasdaq: SNBC) President and Chief Executive Officer Thomas A. Bracken
today said that the company has internally announced a staff reduction
across the entire organization of about 8% of the workforce, amounting to
an annualized pre-tax cost savings of approximately $3.5 million. The
company expects to record approximately $400,000 in one-time severance
related charges ($.01 per share) in the second quarter. Concurrently, a
salary reduction has also been announced for senior executives and the
board of directors.
The company said that it expects to report second quarter earnings per
share in the range of $.18 to $.19 before the above one-time severance
related charges ($.01). Earnings per share data is adjusted for the 5%
common stock dividend declared in April 2006 and paid on May 18, 2006.
"Over the past five years we have invested across all areas of the
company to build a strong foundation in which to operate and grow our
banking franchise," said Bracken. "As our industry and our bank face
challenging times in this economic environment, we are responding
decisively. Our focus going forward must be on increasing market share by
retaining and growing our customer base, and most importantly, enhancing
our profitability."
"This staff reduction will affect about 80 positions and is the first
of a series of expense reduction and process improvement initiatives that
will be more fully outlined in the scheduled July 24, 2006 second quarter
earnings release," said Bracken. "We are currently conducting an internal
review and assessment of our operations, which will require additional
moves during the balance of 2006 that are both prudent and necessary to
further increase revenue and reduce the annualized run rate of overhead
expenses."
The company also today announced that two major business initiatives
are already underway to create new opportunities to enhance revenue growth
in the retail side of the organization.
-- Sun has engaged nationally recognized consultant Anat Bird to develop
a program to build a cohesive, bank-specific sales culture and process
that will create a sustainable competitive advantage for Suns retail
network. This effort is expected to be completed during the third
quarter.
-- In a related move, Sun is in the final stage of a national search for
a senior executive to head its retail business.
Sun Bancorp, Inc. is a multi-state bank holding company headquartered
in Vineland, New Jersey. Its primary subsidiary is Sun National Bank,
serving customers through 80 branch locations in Southern and Central New
Jersey, Philadelphia, PA, and New Castle County, DE. 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 http://www.sunnb.com.
The foregoing material contains forward-looking statements concerning
the financial condition, results of operations and business of the Company.
We caution that such statements are subject to a number of uncertainties
and actual results could differ materially, and, therefore, readers should
not place undue reliance on any forward-looking statements. The Company
does not undertake, and specifically disclaims, any obligation to publicly
release the results of any revisions that may be made to any
forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements.
Sun Bancorp, Inc. - 226 Landis Avenue - Vineland, NJ - 08360
(856) 691-7700 - http://www.sunnb.com - Member FDIC - Equal Housing
Lender
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