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Sun Bancorp, Inc.
Sun Bancorp to Redeem Preferred Stock Under the Treasury's Capital Purchase Program
March 28th, 2009
Sun Bancorp, Inc. (NASDAQ:SNBC), the parent company of Sun National Bank, announced it has filed notice to the U.S. Department of the Treasury (Treasury Department) to redeem all 89,310 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, liquidation value $1,000.00 per share (Preferred Stock) sold to the Treasury Department on January 9, 2009 in connection with the Capital Purchase Program (CPP) of the Troubled Assets Relief Program (TARP). The Company also issued a Warrant to purchase 1,543,376 shares of its common stock to the Treasury Department at an exercise price of $8.68 per share. The Company expects the Treasury Department to liquidate the Warrant following the...
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Source: Investment Weekly News (2009-03-28)