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Sun Bancorp elects James Lockhart to board

Sun BancorpSun Bancorp, the holding company for Sun National Bank, announced that it has elected James B. Lockhart III as a director of the company.

Mr. Lockhart, Vice Chairman of WL Ross & Co. LLC, serves as a Director of Cascade Bancorp and its wholly-owned subsidiary, Bank of the Cascades, Oregon.

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As such, Mr. Lockhart's election to the Board is subject to the approval of the Federal Reserve Board under the Interlocks Act, which is pending.

In addition, Mr. Lockhart has been appointed to the Board of Directors of the Bank, also subject to receipt of applicable regulatory approvals.

Mr. Lockhart's appointment to the Board of Directors of the Bank has been approved by the Office of the Comptroller of the Currency under the Interlocks Act.

Prior to joining WL Ross & Co. in 2009, he served as the Director of Federal Housing Finance Agency and Chairman of its Oversight Board, and Director of its predecessor agency, the Office of Federal Housing Enterprise Oversight.

Prior to that, Mr. Lockhart served as Deputy Commissioner and Chief Operating Officer at the Social Security Administration.

In addition to his directorship at Cascade Bancorp, he serves as a Director of Shellpoint Partners.

A retired Lieutenant in the United States Navy, Mr. Lockhart holds an MBA from Harvard University and a BA from Yale University.




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