Data / Bank failures / 2010 / Sun American Bank
Sun American Bank, Boca Raton, FL: failed March 5, 2010
Sun American Bank in Boca Raton, Florida, failed on March 5, 2010. First-Citizens Bank of Raleigh, NC, took over its deposits. It held $535.7 million in assets and $443.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $122.3 million (22.8% of its assets). By assets it was the 40th largest of 157 banks closed or assisted in 2010.
SpecStream is the live web data engine for teams and agents. It reads the FDIC failed bank data every morning, and this page is that reading. Ask for the banks you follow and each new closure arrives in your sheet, CRM, Slack or agent as the FDIC announces it.
The FDIC's record
- Closed
- March 5, 2010
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First-Citizens Bank, Raleigh, NC
- Total assets
- $535,724,000
- Total deposits
- $443,481,000
- Estimated cost to the FDIC
- $122,300,586 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- DIF
- FDIC certificate
- 27126
Other bank failures in Florida, 2008 to 2012
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Heritage Bank of Florida | Lutz | November 2, 2012 | $225.5 million | $223.3 million | $73.8 million | Centennial Bank |
| Gulfsouth Private Bank | Destin | October 19, 2012 | $139.4 million | $131.6 million | $40.3 million | Smartbank |
| First East Side Savings Bank | Tamarac | October 19, 2012 | $65.7 million | $64.9 million | $12.4 million | Stearns Bank National Association |
| The Royal Palm Bank of Florida | Naples | July 20, 2012 | $78.8 million | $78.9 million | $16.8 million | First National Bank of the Gulf Coast |
| Putnam State Bank | Palatka | June 15, 2012 | $169.5 million | $160 million | $28.8 million | Harbor Community Bank |
| Security Bank, National Association | North Lauderdale | May 4, 2012 | $101 million | $99.1 million | $15.1 million | Banesco USA |
| First Guaranty Bank and Trust Company of Jacksonville | Jacksonville | January 27, 2012 | $397.1 million | $378.3 million | $54.4 million | Centerstate Bank of Florida, National Association |
| Central Florida State Bank | Belleview | January 20, 2012 | $71.5 million | $71.1 million | $13.7 million | Centerstate Bank of Florida, National Association |
All bank failures in 2010 · All bank failures in Florida · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.