BREAKING: Toms River, NJ-Based OceanFirst Bank Acquiring Sun Bancorp for $487 Million

Christopher D. Maher, chairman, president and chief executive officer of OceanFirst Bank, left, and Thomas M. O’Brien, chief executive officer, president and director of Sun Bancorp

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.