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Florida-based Sunrise Bank raises $25M in capital in plan to return to S corp status

is planning to revert backto an S corporation and use its newly raised capital to support its expansion intothe Orlando, Fla., market.

The Cocoa Beach,Fla.-based bank's more than $25 million in new capital will allow the bank to potentiallydouble its size and increase earnings capacity, according to a July 7 press release.The capital raise also allowed Sunrise Bank to restructure its shareholder base and make it eligible tobecome an S corporation under the Internal Revenue Code. The election is expectedto be effective at the beginning of 2017.