In Brief: SunAmerican of Fla. Buying Beach Bank

May 19, 2006, 1:00 a.m. EDT 1 Min Read

Sun American Bancorp in Miami is buying the $120 million-asset Beach Bank in Miami Beach for $21 million in stock.

The acquisition, announced last week, is expected to close in the fourth quarter. The $277 million-asset Sun American would get two more branches, increasing its total to 10, in Miami-Dade, Broward, and Palm Beach counties.

Beach Bank has been operating under a cease-and-desist order from the Federal Deposit Insurance Corp. since November 2004 for Bank Security Act violations. Sun American changed its name from PanAmerican Bancorp in January.

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