TOMS RIVER, NJ—OceanFirst Bank is acquiring Mount Laurel-based Sun Bancorp, the parent of Sun National Bank, for $487 million in cash and stock, the bank announced June 30. The current US Secretary of Commerce, Wilbur Ross, owns nearly 25 percent of Sun Bancorp, based on a 2010 investment of $50 million by one of his investment vehicles.
Listen to an audio news report on the bank merger in the player below.
The acquisition appears to close the books on Sun, which started as a family-owned bank in Vineland, NJ, and expanded statewide to become a major regional presence in commercial real estate lending.
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