First Citizens Acquires Sun American Bank (FCNCA)

First Citizens Bank (NASDAQ: FCNCA) has acquired a failed bank, Sun American Bank of Boca Raton. This is First Citizen’s (FCNCA) fourth acquisition in the past eight months. Sun American has $443.5 million in deposits. Its total assets are worth $535.7 million. First Citizens has purchased all the assets and the liabilities of the bank. The acquisition is expected to help First Citizen in boosting its operations in Florida.

North Carolina-based First Citizens Bank operates 339 branches in eight states and the District of Columbia. It has signed an agreement with the Federal Deposit Insurance Corp. Under this agreement, First Citizens entered into a loss-share transaction on Sun American’s assets with the FDIC. First Citizens has already acquired three failed banks. These banks are Temecula Value Bank, Venture Bank of Lacey and First Regional Bank.