Tuesday, October 27, 2015

Sun Bancorp: A Community Bank Holding Company

Sun Bancorp is registered as a bank holding company. The business is headquartered in Vineland, New Jersey. The company offers a wide range of financial services through its operating subsidiary, the Sun National Bank. The bank is listed as a community financial institution that offers a wide array of financial services that are geared towards helping their customers become financially independent.

The bank offers its products and services to consumers, businesses and financial institutions. It strongly underscored the services they offer to small and mid-sized businesses that serve as the backbone of the economy of the communities they serve in. From the single bank office in New Jersey, the company has found growth through organic means and at the same time through a series of acquisitions. By leveraging on the expertise of its management team, the company has grown into a venture with more than 40 locations in the states of New Jersey, Pennsylvania and in New York.

Part of the customary banking products and services offered by Sun National Bank is their checking and money market accounts, deposit services, cash management solutions, lockbox services, electronic bill payment, online banking, remote deposit, wire transfer services and controlled disbursement services. From the pooled funds they collected from the depository accounts, the business offers a variety of lending activities. Their lending services are primarily focused on the credit of overdraft sweeps. Additionally, the company also offers wealth management services through its subsidiary, Sun Financial Services, LLC.

The company has a huge pool of deposits amounting to more than $1.3 billion. These funds are secured by the Federal Deposit Insurance Corporation. The business is listed as a component of the Wilshire 5000 Index and continues to publicly trade its common shares using the ticker symbol SNBC.

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