X0202 4 2006-12-29 0 0001042521 Sun American Bancorp SBK 0001384362 Kosnitzky Michael C/O BOIES, SCHILLER & FLEXNER LLP 100 SE 2ND STREET, SUITE 2800 MIAMI FL 33131 0 0 1 0 0001383784 Beach Bank Liquidating Trust C/O BOIES, SCHILLER & FLEXNER LLP 100 SE 2ND STREET, SUITE 2800 MIAMI FL 33131 0 0 1 0 Common Stock - Beach Bank Liquidating Trust 2006-12-29 4 J 0 3581583 5.22 A 3581583 D Common Stock - Michael Kosnitzky, individually & as Trustee 2006-12-29 4 J 0 3581583 5.22 A 3581583 I See footnote (3) and (4) Michael Kosnitzky, individually, and the Beach Bank Liquidating Trust, Michael Kosnitzky, as Trustee, are jointly filing this Form 4. The Beach Bank Liquidating Trust acquired 3,581,583 shares of the common stock of issuer (Sun American Bancorp), the acquiror, in exchange for the sale of substantially all of the assets and the assumption of substantially all of the liabilities of Beach Bank, the acquiree, pursuant to an asset acquisition agreement entered into on May 17, 2006. The closing relating to the asset acquisition occurred on December 29, 2006. Beach Bank liquidated after the closing of the asset acquisition and the shares of the issuer were transferred to the Beach Bank Liquidating Trust upon liquidation. Of the 3,581,583 shares issued to the Beach Bank Liquidating Trust in the acquisition, 2,767,757 are currently being held in escrow and are subject to contingencies. The Beach Bank Liquidating Trust is the beneficiary of the escrow. The closing price of Sun American Bancorp's shares of common stock on the closing date, December 29, 2006, was $5.22. The shares of common stock are owned directly by the Beach Bank Liquidating Trust, a ten percent owner of the issuer, and indirectly by Michael Kosnitzky, as Trustee of the Beach Bank Liquidating Trust. The number of shares that Michael Kosnitzky will own individually as a beneficiary the Beach Bank Liquidating Trust has not yet been determined and when determined will be subject to certain post-closing adjustments which may occur pursuant to the asset acquisition agreement referred to in footnote (1) above. Michael Kosnitzky, Individually and as Trustee of the Beach Bank Liquidating Trust 2007-01-04