The Federal Reserve Board has terminated a prompt corrective action against Sunrise Bank in Cocoa Beach, Fla.
The August 2010 order required the $101 million-asset bank to become adequately capitalized or sell itself to another institution. At June 30, Sunrise's core capital ratio was 6.32%, up from 3.36% a year earlier, according to the Federal Deposit Insurance Corp. Its total risk-based capital ratio increased to 10.64% at June 30 from 6.19% a year earlier, according to the FDIC.
Sunrise's noncurrent loans fell to 2.62% at June 30, down from 7.15% a year earlier.
The order was terminated on Tuesday, the Fed said Thursday.
