Bank Failure
Sun American Bank
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Closed March 5, 2010 · Boca Raton, FL · FDIC Cert #27126.
- Closing date
- March 5, 2010
- Headquarters
- Boca Raton, FL
- FDIC Certificate
- 27126
- Total assets at closing
- $535.7M
- Total deposits at closing
- $443.5M
- Estimated loss to the insurance fund
- $122.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First-Citizens Bank
Context
On March 5, 2010, regulators closed Sun American Bank, headquartered in Boca Raton, FL. At closing, the institution held approximately $535.7M in assets and $443.5M in deposits. The FDIC record names First-Citizens Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $122.3M.
By assets at closing this is the 351st largest of the 3,526 bank failures in the FDIC record, and the 40th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Sun American Bank fail?
Sun American Bank was closed by regulators on March 5, 2010.
Who acquired Sun American Bank?
The FDIC record names First-Citizens Bank as the acquiring institution in the resolution of Sun American Bank.
How big was Sun American Bank when it failed?
Sun American Bank had approximately $535.7M in total assets and $443.5M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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