Bank failure · FL
Sun American Bank (Boca Raton, FL) — failed March 5, 2010
Sun American Bank of Boca Raton, Florida was closed on March 5, 2010 and resolved through a purchase and assumption. First-Citizens Bank (NC) took over its insured deposits. At failure it held $535.7M in assets and $443.5M in deposits. The FDIC's estimated loss on the failure is $122.3M (22.8% of assets).
- Closing date
- March 5, 2010
- FDIC certificate #
- 27126
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- First-Citizens Bank
- Insurance fund
- DIF
- Pre-failure filings
- Last reported financials
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