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Home >> News >> Sun Bancorp Elects Director
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Sun Bancorp Elects Director

James B. Lockhart III

On Tuesday, Sun Bancorp, Inc, the holding company of Sun National Bank, announced that the board of directors has elected James B. Lockhart III as a Director.

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.  His election to the Board is subject to the approval of the Federal Reserve Board under the Depository Institution Management Interlocks Act, which is pending.

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.  Upon receipt of the Federal Reserve Board approval, the size of the Boards will be increased by one to eleven members and Mr. Lockhart will commence his service on both Boards, subject to re-election at the upcoming annual meeting of shareholders in May.

Previously, Lockhart 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, he served as Deputy Commissioner and Chief Operating Officer at the Social Security Administration. In addition to his directorship at Cascade Bancorp, Mr. Lockhart serves as a Director of Shellpoint Partners.

"We are pleased to have Jim Lockhart join our Boards," stated President & CEO Thomas M. O'Brien.  "Jim has a distinguished career in both the private and public sectors.  His deep experience on investor, banking, regulatory and policy matters will bring added insight to our boardroom deliberations."

Lockhart is scheduled to speak at the 2017 Five Star Government Forum.

About Author: Seth Welborn

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Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.

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