8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 22, 2016

SUN BANCORP, INC.

(Exact name of registrant as specified in its charter)

New Jersey	0-20957	52-1382541
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

350 Fellowship Road, Suite 101, Mount Laurel, NJ	08054
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:   (856) 691-7700

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Item 8.01 Other Events

On November 22, 2016, Sun Bancorp, Inc. (the “Company”) announced the election of Anthony R. Coscia, an independent director of the Company and its wholly-owned subsidiary, Sun National Bank (the “Bank”), to the role of non-executive Chairman of the Board of Directors of each of the Company and the Bank, effective December 31, 2016. Mr. Coscia will replace Sidney R. Brown as Chairman of the Company and the Bank. As previously announced by the Company on October 28, 2016, Mr. Brown will step down from his position as Chairman of the Company and the Bank, effective December 31, 2016, but will continue to serve as a member of the Board of the Company and the Bank. Mr. Coscia will earn the current annual Chairman’s retainer of $125,000 and no additional retainer or per meeting fees for Board service. A copy of the press release issued by the Company on November 22, 2016 announcing the election of Mr. Coscia as Chairman of the Company and the Bank is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)       Exhibits

Exhibit 99.1 Press Release issued by the Company on November 22, 2016

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			SUN BANCORP, INC.
Date:	November 22, 2016	By:	/s/ Patricia M. Schaubeck
			Patricia M. Schaubeck
			Executive Vice President and General Counsel
			(Duly Authorized Officer)

EX-99.1

Exhibit 99.1

For Immediate Release

Contact:	Mike Dinneen
	SVP, Marketing & Communications
	(856) 552-5013
	mdinneen@sunnb.com

 Sun Bancorp, Inc. Elects Anthony R. Coscia as Board Chairman

MOUNT LAUREL, N.J., November 22, 2016 — Sun Bancorp, Inc. (NASDAQ:SNBC) (the “Company”), the holding company for Sun National Bank (the “Bank”), announced today that the Board of Directors of the Company has unanimously elected Anthony R. Coscia to the role of independent Chairman of the Company and the Bank, effective December 31, 2016. Mr. Coscia is an independent Director, having been elected to the Board of the Company in 2010 and the Bank in 2011. He will replace current Chairman Sidney R. Brown, who previously informed the Board of Directors in October of his decision to step down as Chairman of the Company and the Bank effective December 31, 2016. Mr. Brown will remain a Director of the Company and Bank.

Mr. Coscia is a partner with Windels Marx Lane & Mittendorf, LLP, and a member of the law firm’s Executive Committee. In addition to his private practice, Mr. Coscia holds a number of leadership roles in the public and private sectors, including serving as the Chairman of the Board of Directors of the National Railroad Passenger Corporation (Amtrak). He previously served as Chairman of the Port Authority of New York and New Jersey and the New Jersey Economic Development Authority. Mr. Coscia also serves as a trustee of the New Jersey Community Development Corporation, Georgetown University and the Regional Plan Association.

“We are proud to have Tony Coscia ascend to the Chairmanship of the Company and Bank,” said Thomas M. O’Brien, President and Chief Executive Officer. “Tony is well-respected and experienced in matters of corporate governance, finance and economic development. All of our stakeholders are well-served by this appointment and we are fortunate that Tony has agreed to undertake this new responsibility.”

“I am pleased and honored to assume the Board Chairman’s role at the Company and the Bank,” stated Mr. Coscia. “We have a very strong and committed Board and Management, and I accept my selection as Chairman with deep gratitude. The story at Sun Bancorp is exciting and holds much promise. I will enjoy working with the Company’s leadership and shareholders in this new capacity.”

About Sun Bancorp, Inc.

Sun Bancorp, Inc. (NASDAQ: SNBC) is a $2.19 billion asset bank holding company headquartered in Mount Laurel, New Jersey. Its primary subsidiary is Sun National Bank, a community bank serving customers throughout New Jersey and the metro New York region. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information contained herein, the statements made in this press release constitute "forward-looking" statements, as defined in the Private Securities Litigation Reform Act of 1995, which may be identified by the use of such words as “allow,” “anticipate,” “believe,” “continues,” “could,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “potential,” “predict,” “project,” ”promise,” “reflects,” “should,” “typically,” “usually,” “view,” “will,” “would,” and similar terms and phrases, including references to assumptions. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations, intentions and other statements contained herein that are not historical facts. Actual results may differ materially from the results discussed in the forward-looking statements because such statements involve certain risks and uncertainties. Additional information on these risks can be found in the Company’s filings with the Securities and Exchange Commission. No undue reliance should be placed on any forward-looking statements. The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any such forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

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