First Citizens Bank, the primary subsidiary of First Citizens Bancshares Inc. (FCNCA), said that it has entered into an agreement with the Federal Deposit Insurance Corp. to purchase substantially all the assets and assume the majority of the liabilities of Sun American Bank of Boca Raton, Fla.
The FDIC has been appointed the Receiver of Sun American Bank by the Florida Office of Financial Regulation.
On March 8, the 12 Sun American branch offices in South Florida will open under the First Citizens Bank name. The company assured that depositors will not sustain any losses with respect to those deposits assumed by First Citizens Bank.
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