Ross fires CEO on Sun Bancorp

|By:, SA News Editor

"Having new leadership will allow us to focus and execute on the core objectives of regulatory excellence, growth and sustained shareholder returns," says board member and 25% owner WIlbur Ross after firing Thomas Geisel as CEO of Sun Bancorp (SNBC). Geisel will also depart the board.

The NJ lender hasn't posted a profit since 2008, according to Bloomberg, and the stock price is lower today than it was at the bottom of the financial crisis.

“The company has struggled to materially improve overall profitability and from that regard, it’s not surprising to see a change in management,” says Sterne Agee's Matt Breese, who rates the shares a Sell.