Wilbur Ross on the Sun Bancorp acquisition and more
Not that I watch too much CNBC, but it was time to know what Wilbur Ross is thinking. Just to clarify, the $100 million investment includes other investors like the Brown family, one of Sun Bancorp’s largest shareholders. W. Ross is expecting some further losses but bought at half tangible book value allowing for further contingencies.
New Jersey is the most affluent state in terms of household income in the country, some $72,800 average family income. And the family income has been growing more rapidly there than it has in most other states.
Sun Bank is a 3.6 billion institution and in New Jersey there are another 110 banks all of them under $2 billion in size individually and $48 billion collectively. So real potential for a roll up for these other little institutions
Wilbur Ross has also some interesting comments on the prospects of the economy and housing, and how it is affecting his banking investments.