Sun American Bank

On Friday, March 5, 2010, Sun American Bank, Boca Raton, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding certain brokered deposits, have been transferred to First-Citizens Bank & Trust Company, Raleigh, NC ("assuming institution") and will be available immediately.  The former Sun American Bank locations will reopen as branches of First-Citizens Bank & Trust Company during regular business hours.

Based in Boca Raton, Florida, Sun American Bancorp is the single-bank holding company of Sun American Bank, a state-chartered, federal member bank engaged in a general commercial and consumer banking business. Sun American Bank operates 14 offices in Miami, Broward and Palm Beach Counties in Southeast Florida and has $595 million in total assets as of June 30, 2007.