Rosinus resigns from Sun American board

By Palm Beach

BOCA RATON — Michael Rosinus, an independent member of the Sun American Bank board of directors for about four years has resigned effective June 1.

Sun American disclosed the move in a filing last week with the Securities and Exchange Commission. The document did not provide a reason for Rosinus’s resignation but Sun American CEO Michael Golden said the former director resigned because of a conflict of interest that had occurred in his work as a consultant.

Golden said the board seat doesn't need to be filled immediately. "We'll probably sit back for a couple of months," Golden said.

Rosinus, 50, had served on the bank board since 2005. He had been elected to another term on the board at Sun Bank’s annual shareholder’s meeting on April 29.

He is managing partner at Rosinus Financial Fund, according to Sun American’s most recent proxy statement. Before that, he was portfolio manager and general partner at the Tiedemann Investment group. Between the investment fund and his personal holding, Rosinus controls 242,000 shares of Sun American Bank, according to the proxy.

Sun American, based in Boca Raton, operates 14 offices in South Florida, including six in Palm Beach County. Its Delray Beach office is at 2160 West Atlantic Ave. It also operates two offices in Boca Raton and one in Boynton Beach.

Shares of the stock were down about 2 cents to 63 cents in late trading Monday afternoon.

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JUNE 8, 2009 click to go home
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