Sun American Bank has failed to submit an acceptable capital plan to regulators, the Federal Reserve disclosed Monday.

The Fed, in a prompt corrective action directive issued to Sun American, of Boca Raton, Fla., said that as of Oct. 30, 2009, the bank was "significantly undercapitalized."

The Fed gave Sun American 45 days to increase its equity, enter into a deal to be acquired by another institution or take other measures to increase its capital.

Sun American Bancorp is the holding company for Sun American Bank.

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