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Sun Bancorp posts a quarterly profit
After losing money for nine straight quarters, Sun Bancorp Inc., which is headquartered in Vineland but has executive offices in Mount Laurel, reported a third-quarter profit of $2.68 million, or 3 cents per share.
After losing money for nine straight quarters, Sun Bancorp Inc., which is headquartered in Vineland but has executive offices in Mount Laurel, reported a third-quarter profit of $2.68 million, or 3 cents per share.
In the same period last year, Sun lost $75.27 million, or $3.14 per share.
The bank, with $2.73 billion in deposits at 65 offices in New Jersey, continued to whittle down its problem loans, which totaled $140.8 million on Sept. 30, compared to $143.5 million on June 30 and $177.69 million on Dec. 31. - Harold Brubaker