The Real Deal Miami

Sun American to raise capital

October 14, 2008 09:53AM

Boca Raton-based Sun American Bancorp needs to raise $10 million in private capital to bolster reserves against potential losses on bad mortgages and other loans. Sun American, which has 15 branches in Miami-Dade, Broward and Palm Beach counties, lost $2.1 million in the second quarter, according to Federal Deposit Insurance Corp. data. It had $100.6 million in equity capital and a $9 million reserve for loan losses to cover $16.3 million in non-current loans.