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INSIDER BUYING !! http://www.secform4.com/insider-trading/1042521.htm
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http://www.sunamericanbank.com/
First Citizens Bank, the primary subsidiary of Raleigh-headquartered First Citizens BancShares (Nasdaq:FCNCA), announced today that it has entered into an agreement with the Federal Deposit Insurance Corp. (FDIC) to purchase substantially all the assets and assume the majority of the liabilities of Sun American Bank of Boca Raton, Fla.
The FDIC has been appointed the Receiver of Sun American Bank by the Florida Office of Financial Regulation. On Monday, March 8, the 12 Sun American branch offices in South Florida will open under the First Citizens Bank name. Depositors will not sustain any losses with respect to those deposits assumed by First Citizens Bank. The announcement today is First Citizens' second FDIC-related purchase agreement in 2010 and its fourth in the last eight months.
"South Florida is a great market for our company, especially with our focus on individuals, small to mid-sized businesses and the medical community," said Frank B. Holding Jr., chairman and chief executive officer of First Citizens Bank. "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."
Today's transaction includes 12 locations in the following counties: Broward (Hollywood), Miami-Dade (Miami, Miami Beach and Coral Gables), Palm Beach (Boca Raton, Delray Beach, Boynton Beach, Palm Beach Gardens and Tequesta) and Martin (Stuart).
First Citizens Bank was selected to complete this transaction through a competitive bidding process. The purchase complements the offices currently operated by BancShares' IronStone Bank franchise in Palm Beach (Palm Beach Gardens) and Broward counties (Coral Springs and Fort Lauderdale). IronStone Bank has 13 offices across the state of Florida.
On Dec. 31, 2009, Sun American Bank reported total assets of $536 million, loans of $424 million and total deposits of $443 million. Under the terms of the agreement, First Citizens Bank has the option to purchase any owned bank premises or to assume the leases on any or all of the banking offices. The loans and other real estate owned by Sun American Bank and purchased by First Citizens are covered by a loss-share agreement between the FDIC and First Citizens which provides protection against losses to First Citizens Bank.
The agreement only covers the assets and liabilities of Sun American Bank. Assets, liabilities and common stock of Sun A
Our deposit base remains strong and has grown during the first half of 2009 by $15.7 million or 3.5 %. Our core deposits increased by 61% or $88 million since December 31, 2008. Our cash balances also increased $18.5 million or 112% from the end of 2008. The average cost of funds decreased and we believe will continue to decrease going forward. Management continues its focus on selling off the non performing loans and in general is working with our borrowers in order to mitigate their financial burdens. We continue to focus on raising capital through all means available to us including through our investment Banking
Sun American Bancorp Set to Acquire Independent Community Bank
Sun American Bancorp (“Sun American”) (Nasdaq:SAMB), the bank holding company for Sun American Bank, announced today the consummation of the merger of Independent Community Bank (“Independent”) with and into Sun American Bank for a mixture of cash and SBK common stock with an aggregate value of approximately $41 million. Independent operates one branch in Tequesta, Florida located to the northeast of Jupiter, Florida. Independent is a privately held commercial bank with approximately $137 million in assets as of December 31, 2006. Both Sun American and Independent received a 5-star rating from Bauer Financial for the 2nd quarter of 2006.
Michael Golden, Chairman and CEO of Sun American Bancorp, stated “This merger is a positive for both banks, will allow us to continue to strengthen our infrastructure and our expansion in the dynamic market of Palm Beach County, and will be immediately accretive to Sun American’s earnings per share.” As a result of the merger, Sun American will have 14 branch locations from Miami to northern Palm Beach County. The combined institution will have approximately $600 million in total assets and be one of the largest community banks operating in the fast growing markets along the southeast coast of Florida. The terms of the agreement call for each outstanding share of Independent common stock to be exchanged for 6.4463 shares of SBK common stock or $34.81 in cash subject to 42% of Independent’s outstanding shares receiving cash.
Tim Leathers, President and CEO of Independent Community Bank, said, “We believe that this transaction is an excellent opportunity to create a larger, stronger bank and ensures that there will continue to be a locally-owned bank in our community. Sun American Bank has a tremendous business and commercial banking presence in the growing Southeastern Florida markets. We will now be able to offer our customers access to an expanded network of Sun American Bank branches and a greater selection of products and services.” About Sun American Bancorp 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. It operates thirteen branches in Miami, Broward and Palm Beach Counties in Southeast Florida. On December 29, 2006, Sun American completed its acquisition of Beach Bank, resulting in the acquisition of $114 million in total assets, $68 million of loans and $106 million of deposits. Sun American closed 2006 with $503 million in assets, $350 million in loans, and $403 million in deposits. For additional information, please visit our website at www.sunamericanbank.com.
About Independent Community Bank Based in Tequesta, Florida, Independent Community Bank is a Florida state-chartered commercial bank with approximately $137 million in total assets as of December 31, 2006 and operates one branch office. For additional information, please visit the Company’s website at www.freedomaccess.
