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.
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