M&A Deal Summary

First Citizens Bank Acquires Sun American Bank

On March 5, 2010, First Citizens Bank acquired financial services company Sun American Bank from Federal Deposit Insurance

Acquisition Highlights
  • This is First Citizens Bank’s 2nd transaction in the Financial Services sector.
  • This is First Citizens Bank’s 2nd transaction in the United States.
  • This is First Citizens Bank’s 1st transaction in Florida.

M&A Deal Summary
Date 2010-03-05
Target Sun American Bank
Sector Financial Services
Buyer(s) First Citizens Bank
Sellers(s) Federal Deposit Insurance
Deal Type Divestiture

Target

Sun American Bank

Boca Raton, Florida, United States
Sun American Bank is a provider of financial services and products to individuals, businesses, professionals and the medical community. On Dec. 31, 2009, Sun American Bank reported total assets of $536 million, loans of $424 million and total deposits of $443 million.

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Buyer(S) 1

Buyer

First Citizens Bank

Raleigh, North Carolina, United States
Category Company
Founded 1898
Sector Financial Services
Employees15,715
Revenue 8.8B USD (2023)
DESCRIPTION

First Citizens Bank operates as the holding company for First-Citizens Bank & Trust Company. Bank serves customers at more than 550 branches in 20 states. First Citizens Bank was incorporated in 1898 and is based in Raleigh, North Carolina.

DEAL STATS #
Overall 2 of 9
Sector (Financial Services) 2 of 9
Type (Divestiture) 2 of 5
State (Florida) 1 of 1
Country (United States) 2 of 9
Year (2010) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-29 First Regional Bank

Los Angeles, California, United States

First Regional Bank provide a broad range of financial services to individuals, businesses, professionals and the medical community. As of Sept. 30, 2009, First Regional Bank reported total assets of $2.2 billion and total deposits of $1.9 billion.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-28 1st Financial Services

Hendersonville, North Carolina, United States

1st Financial Services Corp. is a provider of commercial banking products and services through its subsidiary, Mountain 1st Bank & Trust Company. 1st Financial Services Corp. operates 12 branches in western North Carolina communities through Mountain 1st Bank, with $692 million in assets, $669 million in deposits and $363 million in loans as of June 30, 2013.

Buy -

Seller(S) 1

SELLER

Federal Deposit Insurance

Washington, District of Columbia, United States
Category Company
Founded 1933
Sector Financial Services
DESCRIPTION

Federal Deposit Insurance Corp. provides financial services.The FDIC provides coverage for deposits in national banks, in state banks that are members of the Federal Reserve System, and in other qualified state banks.

DEAL STATS #
Overall 13 of 41
Sector (Financial Services) 13 of 41
Type (Divestiture) 13 of 41
State (Florida) 1 of 2
Country (United States) 13 of 41
Year (2010) 4 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-02-26 Rainier Pacific Bank

Tacoma,, Washington, United States

Rainier Pacific Bank is a state-chartered savings bank, provides financial services to households in Tacoma-Pierce County and City of Federal Way areas of Washington.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-04-16 Butler Bank

Lowell, Massachusetts, United States

Butler Bank, a financial service company.

Sell -
Mergr

Product

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