Sun Bancorp plans to sell or shut several of its branches, and lay off 200 plus workers
By Joseph N. DiStefano, The Philadelphia Inquirer | |
McClatchy-Tribune Information Services |
"The layoffs are part of an overall restructuring plan to bring the bank's revenue and expense model, and overall efficiency ratio, in line with our peers," said spokesman
Sun, with
It also plans to shut Sun Home Loans and its health-care and asset-based lending units.
Buyout specialist
Ross has a record as an activist investor who pressures managers to cut costs, boost earnings, and sell out at a profit. But he has so far failed to pressure Sun into profitability. The bank has lost money every year since 2009, according to
Sun's longtime investors and directors include members of the Brown family, who parlayed early investments in
In the 1990s, under the Browns and other prominent
The share price peaked at over
(215)854-5194
@PhillyJoeD
___
(c)2014 The Philadelphia Inquirer
Visit The Philadelphia Inquirer at www.philly.com
Distributed by MCT Information Services
Wordcount: | 412 |
One hurdle overcome in fight to get coverage of liquid meals for allergic children
The Honolulu Star-Advertiser Mark Coleman column
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News