Sunrise Bank raised over $25 million in its overwhelmingly successful stock offering. The Bank undertook the offering with the dual intentions of returning to sub-chapter S tax status and to increase capital to support its expansion into the Orlando market.
During the fourth quarter of 2015 Charlie Lowe, Matt Ravenscroft and Craig Crimmings and their team of banking professionals joined Sunrise Bank to spearhead its expansion into the Orlando market. The three joined the Board of Directors and immediately took up the task of selling shares to allow the Bank to be positioned for growth. Simultaneous with the stock sale the three opened a loan production office at 109 East Church Street in the heart of downtown Orlando allowing them to resume serving customer relationships they have developed during their decades of banking in that market.
As a result of the capital raise the Bank was able to restructure its shareholder base to achieve the number and types of shareholders to allow it to elect to be treated under the favorable sub-chapter S of the internal revenue code. The Bank now meets all the qualifications and will make the election effective at the beginning of 2017. “Matt, Charlie and Craig have proven track records having previously served the community through several Orlando banks. 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, ” said Chairman Ward Kellogg.
The increased capital positions the Bank to double its size and dramatically increase its earning capacity. In addition to the strong loan demand being experienced in the Brevard County market Lowe, Ravenscroft and Crimmings, along with their staff, have begun building a very strong loan pipeline in and around the Orlando market. “I am extremely excited about the future for Sunrise Bank. 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,” said President Kevin Sacket.
Sunrise Bank is a community bank with $157 million in assets with a main office in Cocoa Beach, Florida, a loan production office in downtown Orlando and two of the first fully mobile branches in the State of Florida.