Sun American Bancorp, formerly PanAmerican Bancorp, incorporated in 1992, is a single bank holding company, which owns PanAmerican Bank (the Bank). The Bank is engaged in general commercial banking providing a range of loan and deposit services. Deposit services for personal and business customers include a variety of checking accounts, which include interest-earning, low-cost checking, and senior checking. It also offers savings, money market accounts, and certificates of deposit with a variety of terms and rates. The Bank's customers have access to automated teller machines (ATMs), safe deposit boxes, direct deposit and online banking services. The Bank's primary market areas are Miami-Dade, Broward, and southern Palm Beach County in Florida, where it operates seven full-service branch offices during the year ended December 31, 2005. On March 13, 2006, the Bank opened its branch at Palm Beach Gardens, Florida. As of December 31, 2005, the Bank's total loans were $210.7 million and total deposits were $193.5 million. Mortgage lending activities include commercial, industrial, and residential loans secured by real estate. The Bank's customers are small to medium sized businesses, individual investors and consumers. Commercial lending activities include originating secured and unsecured loans and lines of credit, and providing cash management services to a variety of businesses. The Bank also provides a merchant credit card program. The Bank's installment loan department makes direct auto, home equity, home improvement, and personal loans to individuals. Lending Activities The Company's principal lending areas have been defined as all census tracts within the tri-county area of Palm Beach, Broward and Miami-Dade Counties, Florida. The Bank's primary lending focus is making commercial mortgage loans to finance the purchase of real property, which generally consists of developed real estate. Commercial mortgage loans are generally secured by first liens on real estate, and typically have variable rates and amortize over a 15 to 25 year period, with balloon payments due at the end of 5 to 10 years. At December 31, 2005 commercial mortgage loans represented 64% of the total loan portfolio. The average balance of commercial mortgage loans was $123.1 million for 2005. Another lending focus of the Bank is to small and medium-sized businesses in a variety of industries. The Company makes a range of short- and medium-term commercial lending products available to businesses, including working capital lines, purchases of machinery, and business expansion (including acquisition of real estate and improvements). At December 31, 2005, commercial loans represented 12% of the total loan portfolio. The average balance of commercial loans was $26.9 million for 2005. The Bank offers a variety of loan and deposit products and services to retail customers through its branch network. Loans to retail customers include residential mortgage loans, home equity loans and lines of credit, automobile loans, and other personal loans. At December 31, 2005, residential mortgage loans represented 23% of the total loan portfolio. The average balance of residential mortgage loans was $34.5 million for 2005. At December 31, 2005, consumer, home equity, installment, and other loans represented 1% of the total loan portfolio. The average balance of consumer, home equity and installment loans was $3.6 million for 2005. Deposits and Sources of Funds Most of the Bank's depositors are residents of the State of Florida. Deposits are attracted from within the Bank's market area through the offering of a selection of deposit instruments, including NOW accounts, money market deposit accounts, regular checking accounts, regular savings accounts, certificates of deposit and retirement savings plans. Deposit account terms vary, according to the minimum balance required, the time periods the funds must remain on deposit and the interest rate, among other factors. In determining the terms of its deposit accounts, the Bank considers market interest ra

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