Sun American Bancorp in Miami said Friday that it had agreed to buy the $131 million-asset Independent Community Bank in Tequesta, Fla., for $41 million in cash and stock.
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The deal was the second Sun American has announced this year. In May it agreed to buy most of the assets of the $120 million-asset Beach Bank in Miami for $21 million in stock.
The deal for the Tequesta bank is expected to close in the first quarter. It would add a 10th branch to Sun American's network.
Independent Community earned $557,000 in its second quarter, up 69% from the year earlier.
