SUN BANCORP, INC.
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(Name of Issuer)
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Common Stock, Par Value $5.00
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(Title and Class of Securities)
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|
86663B201
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(CUSIP Number)
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WL Ross & Co. LLC
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1166 Avenue of the Americas
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New York, New York 10036
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Attention: Ben Gruder
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Telephone Number: (212) 826-1100
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Facsimile Number: (212) 278-9645
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With a copy to:
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David Ingles
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Skadden, Arps, Slate, Meagher & Flom LLP
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4 Times Square
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New York, New York 10036
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Telephone: (212) 735-3000
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Facsimile Number: (212) 735-2000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
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January 31, 2018
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(Date of Event which Requires Filing of this Statement)
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CUSIP No. 86663B201
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Page 2 of 10 Pages
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1.
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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||
WL Ross & Co. LLC
|
|||
2.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
|
||
(a) r
(b) ☐
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|||
3.
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SEC USE ONLY
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||
4.
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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||
OO
|
|||
5.
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
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☐
|
|
6.
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CITIZENSHIP OR PLACE OF ORGANIZATION
|
||
Delaware
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7. SOLE VOTING POWER
|
||
0
|
|||
8. SHARED VOTING POWER
|
|||
0
|
|||
9. SOLE DISPOSITIVE POWER
|
|||
0
|
|||
10. SHARED DISPOSITIVE POWER
|
|||
0
|
|||
11.
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
||
0
|
|||
12.
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
|
|
13.
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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||
0%
|
|||
14.
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
||
OO
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CUSIP No. 86663B201
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Page 3 of 10 Pages
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1.
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
|
||
WLR SBI AcquisitionCo, LLC
|
|||
2.
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
|
||
(a) r
(b) ☐
|
|||
3.
|
SEC USE ONLY
|
||
4.
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
|
||
OO
|
|||
5.
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
|
☐
|
|
6.
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
||
Delaware
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7. SOLE VOTING POWER
|
||
0
|
|||
8. SHARED VOTING POWER
|
|||
0
|
|||
9. SOLE DISPOSITIVE POWER
|
|||
0
|
|||
10. SHARED DISPOSITIVE POWER
|
|||
0
|
|||
11.
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
||
0
|
|||
12.
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
|
13.
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
||
0%
|
|||
14.
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
||
OO
|
CUSIP No. 86663B201
|
Page 4 of 10 Pages
|
1.
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
|
||
El Vedado, LLC (1)
|
|||
2.
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
|
||
(a) r
(b) ☐
|
|||
3.
|
SEC USE ONLY
|
||
4.
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
|
||
OO
|
|||
5.
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
|
☐
|
|
6.
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
||
New York
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7. SOLE VOTING POWER
|
||
0
|
|||
8. SHARED VOTING POWER
|
|||
0
|
|||
9. SOLE DISPOSITIVE POWER
|
|||
0
|
|||
10. SHARED DISPOSITIVE POWER
|
|||
0
|
|||
11.
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
||
0
|
|||
12.
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
|
13.
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
||
0%
|
|||
14.
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
||
OO
|
(1) |
Effective as of February 27, 2017, El Vedado, LLC ceased to be the beneficial owner of any shares of common stock.
|
CUSIP No. 86663B201
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Page 5 of 10 Pages
|
1.
|
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
|
||
WL Ross Group, L.P. (1)
|
|||
2.
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
|
||
(a) r
(b) ☐
|
|||
3.
|
SEC USE ONLY
|
||
4.
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
|
||
OO
|
|||
5.
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
|
☐
|
|
6.
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
||
New York
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7. SOLE VOTING POWER
|
||
0
|
|||
8. SHARED VOTING POWER
|
|||
0
|
|||
9. SOLE DISPOSITIVE POWER
|
|||
0
|
|||
10. SHARED DISPOSITIVE POWER
|
|||
0
|
|||
11.
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
||
0
|
|||
12.
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
|
13.
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
||
0%
|
|||
14.
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
||
PN
|
(1) |
Effective as of February 27, 2017, WL Ross Group, L.P. ceased to be the beneficial owner of any shares of common stock.
|
CUSIP No. 86663B201
|
Page 6 of 10 Pages
|
1.
|
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
|
||
WLR Recovery Associates IV LLC
|
|||
2.
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
|
||
(a) r
(b) ☐
|
|||
3.
|
SEC USE ONLY
|
||
4.
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
|
||
OO
|
|||
5.
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
|
☐
|
|
6.
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
||
Delaware
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7. SOLE VOTING POWER
|
||
0
|
|||
8. SHARED VOTING POWER
|
|||
0
|
|||
9. SOLE DISPOSITIVE POWER
|
|||
0
|
|||
10. SHARED DISPOSITIVE POWER
|
|||
0
|
|||
11.
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
||
0
|
|||
12.
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
|
13.
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
||
0%
|
|||
14.
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
||
OO
|
CUSIP No. 86663B201
|
Page 7 of 10 Pages
|
1.
|
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
|
||
WLR Recovery Fund IV, L.P.
|
|||
2.
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
|
||
(a) r
(b) ☐
|
|||
3.
|
SEC USE ONLY
|
||
4.
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
|
||
OO
|
|||
5.
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
|
☐
|
|
6.
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
||
Delaware
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7. SOLE VOTING POWER
|
||
0
|
|||
8. SHARED VOTING POWER
|
|||
0
|
|||
9. SOLE DISPOSITIVE POWER
|
|||
0
|
|||
10. SHARED DISPOSITIVE POWER
|
|||
0
|
|||
11.
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
||
0
|
|||
12.
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
|
13.
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
||
0%
|
|||
14.
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
||
PN
|
CUSIP No. 86663B201
|
Page 8 of 10 Pages
|
1.
|
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
|
||
Wilbur L. Ross, Jr. (1)
|
|||
2.
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
|
||
(a) r
(b) ☐
|
|||
3.
|
SEC USE ONLY
|
||
4.
|
SOURCE OF FUNDS (SEE INSTRUCTIONS)
|
||
OO
|
|||
5.
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
|
☐
|
|
6.
|
CITIZENSHIP OR PLACE OF ORGANIZATION
|
||
United States of America
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
7. SOLE VOTING POWER
|
||
0
|
|||
8. SHARED VOTING POWER
|
|||
0
|
|||
9. SOLE DISPOSITIVE POWER
|
|||
0
|
|||
10. SHARED DISPOSITIVE POWER
|
|||
0
|
|||
11.
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|
||
0
|
|||
12.
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
|
☐
|
|
13.
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
|
||
0%
|
|||
14.
|
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
|
||
IN
|
(1) |
Effective as of February 27, 2017, Wilbur L. Ross, Jr. ceased to be the beneficial owner of any shares of common stock.
|
CUSIP No. 86663B201
|
Page 9 of 10 Pages
|
WL ROSS & CO. LLC
|
|||
By:
|
|
/s/ Ben Gruder
|
|
|
Name: Ben Gruder
|
||
|
Title: Authorized Person
|
||
WLR SBI ACQUISITIONCO, LLC
|
|||
By:
By:
By:
|
|
WLR Recovery Associates IV, L.P.,
its Sole Manager
WLR Recovery Associates IV LLC,
its General Partner
WL Ross & Co. LLC,
its Managing Member
|
|
By:
|
|
/s/ Ben Gruder
|
|
|
Name: Ben Gruder
|
||
|
Title: Authorized Person
|
||
WLR RECOVERY FUND IV, L.P.
|
|||
By:
By:
|
|
WLR Recovery Associates IV LLC,
its General Partner
WL Ross & Co. LLC,
its Managing Member
|
|
By:
|
/s/ Ben Gruder
|
||
|
Name: Ben Gruder
|
||
|
Title: Authorized Person
|
||
WLR RECOVERY ASSOCIATES IV LLC
|
|||
By:
|
WL Ross & Co. LLC
its Managing Member
|
||
By:
|
|
/s/ Ben Gruder
|
|
|
Name: Ben Gruder
|
||
|
Title: Authorized Person
|
||
|