Sun Bancorp in Mount Laurel, N.J., has agreed to pay $25,000 to resolve issues connected to the company's former Sun Home Loans division.
Problems at Sun Home Loans were a factor in the decision by the $2.3 billion-asset Sun to close the unit in July 2014, Thomas O'Brien, chief executive, said in a Monday news release. The deficiencies at Sun Home Loans occurred between July 2011 and September 2013.
Additionally, Sun was released from a 2010 formal agreement with the Office of the Comptroller of the Currency. The agreement had required Sun to maintain minimum capital ratios.
Sun's largest shareholder, the private equity investor Wilbur Ross, has pushed the bank to usher in a long-term restructuring effort that has helped the bank return to profitability over the past few quarters. O'Brien was named one of American Banker's Community Bankers to Watch for this year.