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From your mouth to the stock gods ear :)
Hope she pops soon we could use the $100,000 for christmas... Notice that Martin Stein still has 372,000 dollars in this company I'm sure he's not going to lose his money.. check the link http://finance.aol.com/company/sun-american-bancorp/samb/nas/institutional-ownership
Steady as she goes :)
Well they did close the bank on friday.. next move 3 bucks for christmas.. Yesterday was a much better day than expected... JUST ONE GOOD NEWS STORY FROM MIKE WOULD BE NICE.... http://www.profitspi.com/stock-quote/samb.aspx
probably more of the same.....
Lets see what next week brings us :)
Hope your right I see 20,000 buys and 4,600 sells... Looks like we may have a winner.. http://www.profitspi.com/stock-quote/samb.aspx
Tick tock tick tock tick tock
Kaboooooooooooooooooooooooooooooooooooooooooooooooooom lol :)
Thin to a dollar :)
Not many shares shorted based on the bad news we have been hearing.. Maybe something big is up... LIKE property values in FL>> http://www.shortsqueeze.com/?symbol=samb&submit=Short+Quote%99
Yw :)
Super low float indeed...
I know You da man... We need a little good news and we will be over a buck... No one will be able to climb aboard with this low float... Thanks for your posts here...
Not pumping,just speculating lol :)
VRMLQ was at a penny a few months ago,look at it now.
Impossible is nothing,in this business :)
glta
.14 looks better than .12 but at this point I would say this is a very unsafe stock.. Selling at this price maybe the right call..I don't see any reason to pump this stock.. Has been a pig for some time... Hope .12 yesterday was the bottom.. But we have NO BID Support..http://www.profitspi.com/stock-quote/samb.aspx
Some volume today,glta :)
Thanks yes I did... That's why I have been watching for insider selling... but to this date they are still holding and that would seen odd if they believed that the stock would be wiped out.. and did you notice the 600,000 volume day that took the stock up to .50 ???? I'm hurting at this .10 cent number but who knows maybe my position is so big they are trying to shake me out... LOL really.. As long as the buys are restricted I will be holding... Short may be in for a beating.. http://stockcharts.com/h-sc/ui?s=SAMB&p=D&yr=0&mn=2&dy=8&id=p47805495301
FORD....I don't know if you saw this...it's from 2 weeks ago....
Monday, November 16, 2009
Sun American Bank warns of potential receivershipSouth Florida Business Journal - by Brian Bandell
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Sun American Bancorp warned its shareholders that it could face a receivership action from regulators if it can’t raise capital.
The Boca Raton-based bank holding company (NASDAQ: SAMB) made the disclosure in its quarterly financial filing with the Securities and Exchange Commission on Monday. The parent of Sun American Bank stated that its ability to continue operating is a “going concern” that depends on its prospects of raising capital.
Both the bank and the parent company had capital levels considered “significantly undercapitalized” by regulatory standards as of Sept. 30. Sun American Bancorp warned that this condition could lead to a cease and desist order, or worse, from state and federal regulators. The bank was placed under a written agreement by regulators in January.
“If we are not able to remediate the bank’s capitalization status and conditions continue to decline, the banking regulators could eventually appoint a receiver or conservator of the bank’s net assets,” Sun American Bancorp stated in its SEC filing.
The company noted that its management is seeking additional capital.
Regulators have been in the bank’s offices for several weeks for a regularly scheduled annual examination.
When a bank controlled by a publicly traded company goes into receivership, the public company loses its entire interest in the bank. This often leaves shareholders with very few assets, as was the case with Coral Gables-based BankUnited Financial Corp. when its namesake bank was seized by regulators in May.
Sun American Bank was the 18th-largest bank chartered in South Florida on June 30 with $582.4 million in assets. By Sept. 30, its assets had declined to $555.1 million. The bank has 14 offices.
The bank had $156.2 million in impaired assets on Sept. 30.
The bank is also under pressure from the Federal Deposit Insurance Corp., which holds a $7.5 million loan given to Sun American Bancorp that the regulator acquired from a failed Atlanta bank. The FDIC has notified Sun American Bancorp that it is delinquent on that loan, the company stated.
Sun American Bank suffered a net loss of $14.6 million, or $1.29 per share, in the third quarter. In the same period last year, it had a net loss of $1.3 million, or 13 cents per share.
Shares of Sun American Bancorp closed up 2 cents to reach 20 cents on Monday. The 52-week high was $1.73 on Dec. 4. The 52-week low was 12 cents on March 3.
FORD...I agree....this is a bank....we'd have to see the forms filed in a timely fashion...
To 'FORDGT', nice very nice to know.
means in good hands.
no one in the company is selling !!! a lot of blue..http://www.secform4.com/insider-trading/1042521.htm
confirmed buy load up while you can this one is going to dollarland and I don't pump stocks.... LOL,, http://americanbulls.com/StockPage.asp?CompanyTicker=SAMB&MarketTicker=NASD&TYP=S
I still have 100,000 shares of this one and not shaken out... I'm in it to win it.... LOOK AT WHAT HAPPENED THE LAST TIME WE WERE IN THE .16 CENT AREA... http://stockcharts.com/h-sc/ui?s=SAMB&p=D&yr=2&mn=0&dy=3&id=p94128519832
wow, I started this board on 9/10 and this stock pps has only went down snce , when does it turn around !!!!!!!!
mOVING UP THE BID AND THE ASK !!!! READY TO SPIKE THAT DOLLAR...15 CENTS LAST TRADE... GO GREEN http://stockcharts.com/h-sc/ui?s=SAMB&p=D&yr=0&mn=1&dy=8&id=p09852444837
FORD.....IMO the PPS is down and will stay down for a while because the 10Q (9/30/2009) is out.....sorry i don't have the link.....please google it ......i think it was stockguru.com....
anyway....the losses from the real esstate market are knocking it's socks off.....
good news??? IMO.....i think it can survive.....possibly even get taken over by a larger bank.....
300 shares sold at the bell for LOD close. Gotta love the manipulation but wont last much longer IMO... Tim
FORD....I not sure.....I will confess to you that I am NOT a chart guru by any stretch of the imagination....
but, more importantly....I see two things in play...
1) the bank's operations have to show improvement....or, we're going no where.....
2) I'm thinking we'll see a move at the mid point of the 1st qtr of 2010.....why? because of the deficiency letter from NASDAQ.....they'll lose their listing....
this traded over $2 for a long time.....they have to get it at least over a buck.....they have to do that in the first qtr....
3) I posted before that this runs a normal 3-5 cent spread at this level....although the volume is up....it's not fantastic....and I think we're looking at a minor case of MM manipulation to make a few sheckles....or, it could simply be a small "frustration sell-off"...
bottom line.....I don't know....but, I can't see why we should think something big is about to happen??
Woowww .16 cents and the volume is up !!!! Some about to happen in a big way.. What do you think... http://stockcharts.com/h-sc/ui?s=SAMB&p=D&yr=0&mn=0&dy=8&id=p91201488034
Ford....that puts me at just about B/E.....so i have to wait a little longer.....
actually, i'm looking for this to get back to its historic levels......
and, i considered this to me more a longer term "investment" than a strictly trading stock.....mostly because of the low float and usually low volume....
hit .30 this morning... ready to go and still restricted trading on line by scottrade ...
Has some nice support at the bid now also - could be getting close.... Tim
it depends on possible volume alert. then weeeez
bid is at .24 weeeeeeee here we go.... what's your best guess I think 1.25 on the spike.....
FORD.....if this stock had volume, it would be good to trade....it spreads about 3-5 cents per day....at a 20 cent buy-in......
but, we'll be stuck holding the bag until there is some good financial news
I must be the only one holding still got 100,000 shares and can't add on line....
Stock has been restricted for about 2 weeks thru Scottrade you can sell but you can't buy on line.... Check the shorts on this one. The shorts are in pain at .21 cents and I think it is unlikely that the government will grab this bank based on what Mike Golden has said in recent releases.. Deposits are growning..
can u give me a little background here?
Get ready we have had to buy thru broker for about 2 weeks and again today you can't buy on line... WE ARE ABOUT READY TO EXPLODE I would like to put in a sell for about 100,000 shares at a buck but I'm afraid we may land at 1.50 and so I going to hold all my shares... The machine is now BUY IF next is confirmed buy should happen today !!! and only 6 boardmarks !!!! GO SUN BANK !!!!http://americanbulls.com/StockPage.asp?CompanyTicker=SAMB&MarketTicker=NASD&TYP=S
Looks like Bid support finally firming back up. Could be a good next week. Tim
Yeap, still cant buy online thru them - I tried yesterday. Normally only lasts a week or two. Went to a different account for some more earlier in the week. Tim
I PUT A SELL ORDER AT .88 CENTS FOR 90,000 SHARES... WE NEED TO HAVE SCOTTRADE STOP THE RESTRICTED TRADING... I THINK THEY ARE SHORT AND THEY WON'T BE ABLE TO USE MY STOCK IF I HAVE THEM LOCKED UP.. http://www.profitspi.com/stock-chart.aspx?id=SAMB
Good to know - I tried to buy some online thru ST a couple days ago with no luck. Tim
always ready fer green stuff.
ARE YOU READY !!!! 22,000 buys and 2,000 sells @.23 come on lets see if we can hit .38 cents... I still can post a online buy order thru scoottrade... http://www.profitspi.com/stock-quote/samb.aspx
To 'FORDGT' , very interesting.
re;
that big green volume candle is all I needed to see... I would hold for more than this price but maybe it's the time factor some people just cann't wait... But in this case waiting should payoff big... AND I WANT TO SAY I HAVE TRIED TO BUY FOR THE LAST 3 DAYS AND YOU HAVE TO CALL THE BROKER TO TRADE.... SCOTTRADE JUST MAY HAVE A SHORT POSITION.. !!!!!! WHAT DO YOU THINK ???
answer,,,yes and nite too.
so why they really make a person call in?
one today i had to do same thing.
closed unchanged.
that big green volume candle is all I needed to see... I would hold for more than this price but maybe it's the time factor some people just cann't wait... But in this case waiting should payoff big... AND I WANT TO SAY I HAVE TRIED TO BUY FOR THE LAST 3 DAYS AND YOU HAVE TO CALL THE BROKER TO TRADE.... SCOTTRADE JUST MAY HAVE A SHORT POSITION.. !!!!!! WHAT DO YOU THINK ???
To 'FORDGT' , i'll check the chart soon.
re;
Look at this chart ((( .50 )))) you don't have to be a chartist to read this one..... LOL.... They are shaken but no one is jumping out.... I wouldn't be surprised by at move to .65 with the coming earning report.http://www.profitspi.com/stock-chart.aspx?id=SAMB http://www.profitspi.com/stock-chart.aspx?id=SAMB&ca=1868946702
...it's gonna go up.....but, the question is when???
....i think we need to see two things.....better news about the banking industry....the feds are still closing them up.....so, better public confidence in the sector wouldn't hurt...
and, a good quartly repot.....they have a lot of ground to make up....and i' wouldn't be surprised to see it take until 1'st qtr 2010 for solid movement...
remember, this stock traded for a few bucks historically....
50 cents is good for a flip....but, i think it has a lot more potential than that...over the course of the next calendar year...
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http://stockcharts.com/h-sc/ui?s=SAMB&p=D&yr=0&mn=1&dy=0&id=p68565343494
http://stockcharts.com/h-sc/ui?s=SAMB&p=D&yr=0&mn=0&dy=8&id=p91201488034
http://stockcharts.com/h-sc/ui?s=SAMB&p=W&yr=0&mn=1&dy=8&id=p40969801414
INSIDER BUYING !! http://www.secform4.com/insider-trading/1042521.htm
http://americanbulls.com/StockPage.asp?CompanyTicker=SAMB&MarketTicker=NASD&TYP=S
http://www.profitspi.com/stock-quote/samb.aspx
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.
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