Through its bank subsidiary, Sun Bancorp, Inc. ("Sun" or the Company), serves consumers and businesses through more than 30 locations in New Jersey, Pennsylvania and New York.

On June 30, 2017, OceanFirst Financial Corp. (“OceanFirst”) and the Company announced that they had entered into a definitive agreement that day under which OceanFirst will acquire all of the outstanding shares of Sun in a cash and stock transaction (the “Proposed Transaction”).

The Complaint alleges that Defendants issued materially incomplete and misleading disclosures in the Form S-4 Registration Statement filed with the United States Securities and Exchange Commissio in connection with the Proposed Transaction, claiming that the Registration Statement is deficient and misleading in that it fails to provide adequate disclosure of all material information related to the Proposed Transaction. The Plaintiff alleges in the Complaint that Defendants have breached their fiduciary duties and violated Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “1934 Act”) in connection with the Registration Statement.

This case was voluntarily dismissed on September 21, 2017.