A Parachute for Bracken

//May 7, 2007

Around the State – SouthVINELAND – Directors of Sun Bancorp Inc. ejected CEO Thomas Bracken earlier this year, but the company said last week it is spending some $1.7 million to be sure he has a soft landing. In an SEC filing, the parent company of Sun National Bank said it will pay Bracken a total of $1.7 million in monthly installments, and will pay up to $10,000 for legal fees he incurred while negotiating his separation agreement. Bracken will get some other perks, including the use of a company car, at Sun BancorpÂs expense, through March 1, 2008.

Bracken received a base salary of $608,875 in 2006, with stock options and other benefits bringing his total compensation to $681,038 for the year.

Bracken was ousted as CEO on February 6, following a turbulent year in which Sun saw a $2.3 million drop in profit to $17.2 million while slicing its staff by 8 percent and shuttering branches.

Last week brought some improved earnings news when the company reported first-quarter net income of $4.7 million, up from $4.2 million for the first quarter last year.

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