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March 5, 2010 Friday 5:46 PM EST
LENGTH: 90 words
HEADLINE: Sun American Bank becomes 23rd failure of year
BYLINE: 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 (fcnca) , 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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