I bought 14000 shares Friday and will add Monday !

Sun Bancorp, Inc. ( SNBC ) turns its back on federal aid, will buy back shares
VINELAND -- Sun Bancorp President and Chief Executive Officer Thomas X. Geisel said Thursday the bank is returning $89.3 million in federal aid due in part to concerns over excessive new government regulation.
"At the end of the day we looked at it and said, 'We were well capitalized before the infusion. We'll be well capitalized after the infusion,'" Geisel said. "We know our business better than anyone. We need to get back to business and government micro-management does not allow us to do that."
Expanding on a news release issued Wednesday, Geisel said Thursday the Vineland-based Sun, parent company of Sun National Bank, also considered factors such as a worsening public perception of the program as well as terms that made it difficult to make a profit on the federal aid.
The deal with Washington was made under the Capital Purchase Program of the Troubled Assets Relief Program, which launched in late 2008.
The program was set up with two goals: Fund banks that were struggling but considered worth saving; and fund banks, like Sun, that were in good financial condition so that they could be available to keep making loans.
"The program had a positive connotation at the start," Geisel said. "Now, I would agree the program has a negative connotation, but that was just one factor. There was no single overriding factor that made us do this. It was the totality of the factors we took into consideration.
"The other thing is we don't know where it ends," he said. "With all the changes that were made, what's to say more changes won't be made?"
On Jan. 9, Sun announced the federal government was paying it $89.3 million for 89,310 shares of preferred stock. The bank was to pay 5 percent interest on the loan annually.
The government also was given an option to buy up almost 1.5 million common stock shares in the bank. The price virtually guaranteed a good return, a factor that cuts into the bank's earning capacity.
Sun Bancorp will pay interest on the $89.3 million. The exact sum isn't public yet, but Geisel said it will be in the six-figure range.