(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
On April 17, 2014, F. Clay Creasey, Jr. was seated as a director on the Board of
Directors of Sun Bancorp, Inc. (the "Company") and the Board of Directors of Sun
National Bank (the "Bank"). He was previously appointed to the Company's Board,
subject to the non-objection by the Board of Governors of the Federal Reserve
System and the Bank's Board, subject to the non-objection of the Office of the
Comptroller of the Currency, which non-objections were received on February 28,
2014 and April 10, 2014, respectively. Mr. Creasey was also appointed to the
Audit, Risk, and ALCO/Investment Committees of the Company's Board at the time
of his seating. Mr. Creasey is expected to receive customary board and committee
There were no arrangements or understandings between Mr. Creasey and any person
pursuant to which Mr. Creasey was selected as a director. There are no business
relationships between the Company and Mr. Creasey of the type required to be
disclosed by Item 404(a) of Regulation S-K.
Mr. Creasey is Executive Vice President and Chief Financial Officer of Toys "R"
Us, Inc., a position he has held since May 2006. From July 2005 to April 2006,
Mr. Creasey served as Chief Financial Officer of Zoom Systems, an automated
retailer. Prior to that, Mr. Creasey served in various roles at Mervyn's, a
subsidiary of Target, from 1992 to 2005, most recently as Senior Vice President,
Finance and Chief Financial Officer from 2000 to 2005.
Item 7.01 Regulation FD Disclosure.
On April 21, 2014, the Company issued a press release announcing the seating of
F. Clay Creasey, Jr. on the Boards of Directors of the Company and the Bank. A
copy of the press release is being furnished as Exhibit 99 hereto.
Item 9.01 Financial Statements and Exhibits.
99 Press release, dated April 21, 2014.