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March 5, 2010, 5:47 p.m. EST

Sun American Bank becomes 23rd failure of year

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By Wallace Witkowski


SAN FRANCISCO (MarketWatch) -- Sun American Bank of Boca Raton, Fla., became the 23rd bank of the year to fail, according to the Federal Deposit Insurance Corp. on Friday. First Citizens Bank, the primary subsidiary of First Citizens BancShares /zigman2/quotes/209066405/composite FCNCA -2.24% , will assume the estimated $443.5 million in deposits and purchase the bank's $535.7 million in assets. The bank is also Florida's fourth failure of the year.

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