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icy.?Sun Bank gets thrown a lifeline
Legendary investor Wilbur Ross swooped in yesterday and pumped $100 million into Vineland based Sun Bancorp, giving a jolt to the bank and, by extension, the local economy.
A little more than a year ago, Sun Bancorp was approved by the Treasury Department for almost $90 million in taxpayer money as part of the program to save huge and help smaller weather the storm.
But the company quickly returned the money and not without a little defiance. CEO Thomas X. Geisel said the program was too heavy handed
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took the money to do our part, but at this point, we can run our business under our own strict guidelines, Geisel told the APP back then.
Geisel assessment of the economy and his company turned out to be too rosy. The earnings reports that followed turned increasingly bleak. The economy kept taking a toll. Its loan portfolio soured. And regulators had seen enough. In April, they ordered the company to raise capital.
In stepped Ross, a turnaround artist, with $100 million twice as much as analysts thought the bank would need. He got 24.9 percent of the company and pledged
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One potential fit in the rumor mill was Amboy Bank, an Old Christian Louboutin No Barre 140mm Mary Jane Pumps Black outlet Bridge based bank that was ordered by regulators to raise capital after its loans
Christian Louboutin Prorata 80mm Pumps Nude outlet to real estate financier turned government mole Solomon Dwek caused distress.
The Wall
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