First Citizens BancShares said that it had entered an agreement with the Federal Deposit Insurance Corp. (FDIC) to purchase Sun American Bank of Boca Raton, Florida. The bank failed on March 5, 2010, and the FDIC was named the receiver of the bank by the regulatory authorities of Florida.
Frank B. Holding Jr., the CEO of First Citizens BancShares, said, “South Florida is a great market for our company, especially with our focus on individuals, small to mid-sized businesses and the medical community. This agreement will allow us to extend our presence in Florida and focus on building long-term relationships with our new customers. Our bank is recognized for its strength, stability and exceptional service, and we look forward to a smooth transition.
Sun American Bank had 12 branches in Florida, and reported total deposits of $443 million, total assets of $536 million, and total loans of $424 million as of 12/31/2009.
This was the fourth bank that First Citizens BancShares has purchased in conjunction with the FDIC. First Citizens purchased Temecula Valley Bank of Temecula, California in July 2009, the Venture Bank of Lacey, Washington in September 2009 and the First Regional Bank of Los Angeles, California, in January 2010.
First Citizens BancShares is a bank holding company that owns First Citizens Bank and IronStone Bank, with 451 branches and $18.5 billion in assets.