Sunrise Bank in Cocoa Beach, Fla., has been freed from an enforcement order from the Federal Reserve Board.
The July 2009 written agreement had stipulated several compliance requirements for the $106.7 million-asset Sunrise. The bank agreed to review senior bank management, strengthen underwriting and credit administration, revise real estate appraisal practices and improve asset quality. Sunrise also agreed to submit a written credit risk management plan, capital plan, business plan and iquidity plan.
The agreement also set compliance guidelines specific to revising allowance for loan and lease losses methodology and required Sunrise to get written approval from the Fed before declaring or paying any dividends.