WL Ross completes Sun Bancorp deal

Private equity firm WL Ross & Co completed a $106.7 million purchase of stock in Sun Bancorp, Inc. Other investors included the bank’s founding Brown family and other institutional and accredited investors. The sale comprises around 4.7 million shares of common stock, 88,000 shares of preferred stock and it is estimated it will generate around $98.5 million in funds to the company.

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