8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  January 7, 2008

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SUN AMERICAN BANCORP

(Exact name of registrant as specified in its charter)

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Delaware	0-22911	65-032364
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification No.)

9293 Glades Road, Boca Raton, FL  33434

(Address of Principal Executive Office) (Zip Code)

(561) 544-1908

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01

Other Events.

On January 7, 2008, the Company issued a press release announcing that the Board of Directors authorized a new stock repurchase program permitting the Company to repurchase up to one million shares of its common stock over the next 12 months. The shares will be repurchased from time to time in open market transactions or privately negotiated transactions in the Company’s discretion.

The text of the press release announcing the stock repurchase program is attached hereto as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release of Sun American Bancorp dated January 7, 2008

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Dated: January 7, 2008

SUN AMERICAN BANCORP
By:	/s/  MICHAEL E. GOLDEN
Name:	Michael E. Golden Chief Executive Officer and President
Title:

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INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Press Release of Sun American Bancorp dated January 7, 2008

EX-99.1

EXHIBIT 99.1

Sun American Bancorp Authorizes a New Common Stock Repurchase Program to Repurchase up to One Million Shares

BOCA RATON, Fla., January 7, 2008 (PRIME NEWSWIRE) – The Board of Directors of Sun American Bancorp (“Sun American'') (NasdaqGM: SAMB), the bank holding company for Sun American Bank, has authorized a new common stock repurchase program permitting the Company to repurchase up to one million of its shares of common stock over the next twelve months. The shares will be purchased form time to time in open market transactions or in privately negotiated transactions at the Company’s discretion.

Michael E. Golden, President and Chief Executive Officer, said, “We continuously seek ways to enhance shareholder value. Given the current valuation of our common stock, which is trading below its tangible book value, we believe that the repurchase of our common stock represents a prudent and opportunistic use of our capital. We believe we have maintained a strong equity base to support this initiative”.

The repurchase of one million common shares, if completed in its entirety, would result in decrease in the total amount of the Company’s issued and outstanding common stock of approximately nine percent.

In conjunction with the approval of this common stock repurchase program, the Company’s previous buy back program was cancelled. The previous program permitted the Company to reacquire up to 400,000 shares of its common stock and 302,510 shares of common stock were reacquired under the previous program.

Except for historical information containing herein, the matters set forth in this news release are "forward looking" statements, as defined in the Private Securities Litigation Reform Act of 1995. Although Sun American believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from Sun American's expectations. Factors that could contribute to such differences include those identified in Sun American's Form 10-K for the year-ended December 31, 2006, and those described from time to time in Sun American's other filings with the Securities and Exchange Commission, news releases and other communications.

The Sun American Bancorp logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3685

CONTACT:

Sun American Bancorp

Michael E. Golden, President, Chairman and CEO

Robert Nichols, CFO

(561) 544-1908