May 28, 2009 (FinancialWire) — Sun Bancorp, Inc. (NASDAQ: SNBC) (Current Market Cap: US$136.11 Mil.) said it has completed the repurchase of a warrant to purchase 1,620,545 shares of its common stock, par value $1.00 per share, issued to the U.S. Department of the Treasury on January 9 in connection with the Capital Purchase Program of the Troubled Assets Relief Program.

The repurchase price was $2.1 million, which the company said was determined through negotiations with the Treasury Department.

Sun said that the repurchase was permitted under the terms of the securities purchase agreement entered into with Treasury in connection with the CPP, once the company completed the repurchase of all of it outstanding shares of fixed rate cumulative perpetual preferred stock, series A, on April 8.

The company said that the repurchase has no impact on its results of operations. Sun added that payment of the repurchase price results in a reduction of the company’s cash and an offsetting reduction of paid in capital.

Vineland, New Jersey-based Sun Bancorp is a bank holding company whose primary subsidiary is Sun National Bank. The bank operates through 70 locations in New Jersey.

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