The Brown family, who are the largest shareholders in Sun Bancorp, joined with billionaire Wilbur Ross and others to invest a combined $100 million into the bank,
the
Philadelphia Business Journal
reported.
Sun, based in Vineland, N.J., will use the money to “strengthen and expand current operations as well as pursue growth opportunities throughout New Jersey,” the article said.
Ross, who invested $50 million, now owns a 25% stake in the company. The Browns invested $30 million; other investors contributed $20 million, according to the report.
The journal article said that Bernard A. Brown, 84, has been chairman of the board at Sun since the company was founded in 1985. His children Ike Brown, Sidney R. Brown, Anne E. Koons and Jeffrey S. Brown are directors. Sidney Brown, 52, is Sun’s vice chairman. Bernard Brown also is chairman of NFI, a Vineland trucking conglomerate; Sidney Brown is NFI’s CEO.
Prior to the Ross transaction, the top institutional shareholders in Sun are Dimensional Fund Advisors, Vanguard Group and BlackRock Institutional trust Co., according to the report. (Source:
Philadelphia Business Journal,
July 8, 2010.)
-
1046 reads