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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.
The FDIC has assembled useful information regarding your relationship with
this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking
account, a commercial loan, a Social Security direct deposit, and other relationships
with the institution. The FDIC has compiled the following information,
which should answer many of your questions.
The FDIC has issued a press release
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
Greg Hernandez at 1-202-898-6984.
All deposit accounts, excluding certain brokered deposits, have
been transferred to
First-Citizens Bank & Trust Company, Raleigh, NC ("assuming
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.
Your transferred deposits will be separately insured from any accounts
you may already have at First-Citizens Bank & Trust Company for six
months after the failure of Sun American Bank. Checks
that were drawn on Sun American Bank that did not
clear before the institution closed will be honored as long as there are
sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank,
you may speak to an FDIC representative by calling 1-866-954-9532.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred
account without an early withdrawal penalty until you enter into a new deposit
agreement with First-Citizens Bank & Trust Company as long as
the deposits are not pledged as collateral for loans. You may view more
information about First-Citizens Bank & Trust Company by visiting their web site.
The Automated Teller Machines (ATM) and online service will remain available.
The bank will maintain its regular business hours and you may continue to use the services to which you previously had access, such as safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest accrued through Friday, March 5,
2010 will be paid at your same rate. First-Citizens Bank & Trust
Company will be reviewing rates. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
If you had a loan with Sun American Bank, you should
continue to make your payments as usual. The
terms of your loan will not change, because they are contractually agreed to
in your promissory note. Checks should be made payable as usual and sent to the
same address until further notice. If you have further questions regarding an
existing loan, please contact
your loan officer.
For all questions regarding new loans and the lending policies of First-Citizens Bank & Trust Company, please contact your branch office.
Determination of Insufficient Assets To
Satisfy Claims Against Financial
Institution in Receivership
SUMMARY: The FDIC has determined that
insufficient assets exist in the
receivership of Sun American Bank,
Boca Raton, Florida, to make any
distribution on general unsecured
claims, and therefore such claims will
recover nothing and have no value.
DATES: The FDIC made its determination
on August 18, 2011.
you have questions regarding this
notice, you may contact an FDIC Claims
Agent at (904) 256–3925. Written
correspondence may also be mailed to:
Federal Deposit Insurance Corporation
Receiver: Sun American Bank
8800 Baymeadows Way West
Jacksonville, FL 32256
Attention: Claims Agent
SUPPLEMENTARY INFORMATION: On March
5, 2010, Sun American Bank, Boca
Raton, Florida, (FIN #10192) was closed
by the Florida Office of Financial
Regulation, and the Federal Deposit
Insurance Corporation (''FDIC'') was
appointed as its receiver (''Receiver'').
In complying with its statutory duty to
resolve the institution in the method
that is least costly to the deposit
insurance fund, see 12 U.S.C. 1823(c)(4),
the FDIC facilitated a transaction with
First-Citizens Bank & Trust Company,
Raleigh, North Carolina, to acquire all of
the deposits and most of the assets of
the failed institution.
Section 11(d)(11)(A) of the FDI Act,
12 U.S.C. 1821(d)(11)(A), sets forth the
order of priority for distribution of
amounts realized from the liquidation or
other resolution of an insured
depository institution to pay claims.
Under the statutory order of priority,
administrative expenses and deposit
liabilities must be paid in full before
any distribution may be made to general
unsecured creditors or any lower
As of June 30, 2011, the value of
assets available for distribution by the
Receiver, together with maximum
possible recoveries on claims against
directors, officers, and other
professionals was $86,789,915. As of the
same date, administrative expenses and
depositor liabilities equaled
$220,441,349, exceeding available assets
and potential recoveries by
$133,651,434. Accordingly, the FDIC
has determined that insufficient assets
exist to make any distribution on
general unsecured creditor claims (and
any lower priority claims) and therefore
all such claims, asserted or unasserted,
will recover nothing and have no value.
Dated August 18, 2011
Federal Register /Vol. 76, No. 163 /Tuesday, August 23, 2011 /Notices Pg. 52663
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.