[Federal Register Volume 76, Number 163 (Tuesday, August 23, 2011)]
[Notices]
[Page 52663]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-21546]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Determination of Insufficient Assets To Satisfy Claims Against 
Financial Institution in Receivership

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice.

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SUMMARY: The FDIC has determined that insufficient assets exist in the 
receivership of Sun American Bank, Boca Raton, Florida, to make any 
distribution on general unsecured claims, and therefore such claims 
will recover nothing and have no value.

DATES: The FDIC made its determination on August 18, 2011.

FOR FURTHER INFORMATION CONTACT: If you have questions regarding this 
notice, you may contact an FDIC Claims Agent at (904) 256-3925. Written 
correspondence may also be mailed to FDIC as Receiver of Sun American 
Bank, Attention: Claims Agent, 7777 Baymeadows Way West, Jacksonville, 
Florida 32256.

SUPPLEMENTARY INFORMATION: On March 5, 2010, Sun American Bank, Boca 
Raton, Florida, (FIN 10192) was closed by the Florida Office 
of Financial Regulation, and the Federal Deposit Insurance Corporation 
(``FDIC'') was appointed as its receiver (``Receiver''). In complying 
with its statutory duty to resolve the institution in the method that 
is least costly to the deposit insurance fund, see 12 U.S.C. 
1823(c)(4), the FDIC facilitated a transaction with First-Citizens Bank 
& Trust Company, Raleigh, North Carolina, to acquire all of the 
deposits and most of the assets of the failed institution.
    Section 11(d)(11)(A) of the FDI Act, 12 U.S.C. 1821(d)(11)(A), sets 
forth the order of priority for distribution of amounts realized from 
the liquidation or other resolution of an insured depository 
institution to pay claims. Under the statutory order of priority, 
administrative expenses and deposit liabilities must be paid in full 
before any distribution may be made to general unsecured creditors or 
any lower priority claims.
    As of June 30, 2011, the value of assets available for distribution 
by the Receiver, together with maximum possible recoveries on claims 
against directors, officers, and other professionals was $86,789,915. 
As of the same date, administrative expenses and depositor liabilities 
equaled $220,441,349, exceeding available assets and potential 
recoveries by $133,651,434. Accordingly, the FDIC has determined that 
insufficient assets exist to make any distribution on general unsecured 
creditor claims (and any lower priority claims) and therefore all such 
claims, asserted or unasserted, will recover nothing and have no value.

    Dated: August 18, 2011.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2011-21546 Filed 8-22-11; 8:45 am]
BILLING CODE 6714-01-P