(a) On November 18, 2009, Sun American Bancorp (the "Company") received a deficiency letter (the "Notice") from The Nasdaq Stock Market ("NASDAQ") stating that the Company's stockholders' equity for the period ended September 30, 2009 was less than the $10,000,000 minimum required for continued listing on The Nasdaq Global Market under Listing Rule 5450(b)(1)(A). As reported in the Company's Form 10-Q for the quarter ended September 30, 2009, the Company's stockholders' equity was $6,651,394.

In the Notice, the NASDAQ staff requested that the Company provide, on or before December 3, 2009, a plan to regain compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq Global Market. The NASDAQ Notice provides the Company with the option to submit a plan to regain compliance with NASDAQ or alternatively, to consider applying to transfer the Company's securities to the Nasdaq Capital Market. The Company has not decided which plan, if any, it intends to pursue at this time.

On November 24, 2009, the Company issued a press release announcing the receipt of the Notice from NASDAQ. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

(a) Financial Statements of Business Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable.

(c) Shell Company Transactions.

Not applicable.

  (d) Exhibits.

      Exhibit
      Number          Exhibits

      99.1            Press Release of the Company dated November 24, 2009