WL Ross & Co. has nominated a new director to replace Wilbur Ross at Sun Bancorp in Mount Laurel, N.J.
The $2.3 billion-asset Sun said in a press release Tuesday that James Lockhart will become a director. The appointment requires regulatory approval because Lockhart, vice chairman at WL Ross, is a director at Cascade Bancorp in Bend, Ore. He is also a former director of the Federal Housing Finance Agency.
Ross had to give up his board seat after becoming Commerce secretary.
James Lockhart, director of the Federal Housing Finance Agency, testifies before the Senate Banking Committee in Washington, D.C., U.S., on Tuesday, Sept. 23, 2008. Ben S. Bernanke, chairman of the U.S. Federal Reserve, andHenry Paulson, secretary of the U.S. Treasury, warned lawmakers during the hearing that failure to pass a rescue plan to take over troubled assets from financial firms would threaten markets and the U.S. economy. Photographer: Joshua Roberts/Bloomberg News
JOSHUA ROBERTS/BLOOMBERG NEWS
The investment firm is expected to maintain its stake in Sun. WL Ross, which invested in the company in 2010, owns about 23% of its outstanding stock. The firm has to own at least 7.5% of the shares to keep a board seat.
The chairman and regulator of Fannie Mae and Freddie Mac pointed to Jermone Powell's recent testimony about renovations to the Federal Reserve's headquarters.
It's a rare theft of trade secrets complaint by the industry leader, which stayed out of the spate of litigation between competitors during the refinance boom.
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to service members who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
