Florida-based Sunrise Bank recently revealed a highly successful stock offering yielding over $25 million from its headquarters in Cocoa Beach, fulfilling its desire to return to sub-chapter S corporation status and banking capital for expansion.
“I am extremely excited about the future for Sunrise Bank,” President Kevin Sacket said. “Our seasoned team of business development professionals coupled with our dedicated support staff will allow us to grow our bank organically with hand selected customers, a task many community banks can only accomplish through acquisitions.”
The transaction paves the way for Sunrise to fall under the classification of “S” in the internal revenue structure, qualifying for beneficial tax advantages. Concurrently with the stock deal, three new members of the bank’s board of directors initiated the opening of a new loan production office in downtown Orlando to complement the institution’s head offices in Cocoa Beach.
Charlie Lowe, Matt Ravenscroft and Craig Crimmings, having joined Sunrise’s board in late 2015, launched the new hub to bolster their long-term existing customer relationships, while the share offering enabled the bank to position itself for growth.
“Matt, Charlie and Craig have proven track records having previously served the community through several Orlando banks,” Sunrise Board Chairman Ward Kellogg said. “We are thrilled to have them join our team. We look forward, as an S-corporation, to having our shareholders participate in the success of the bank for many years to come.”