BankFIRST’s Regional President Brevard County, Mike Welch.
Officers of Sunrise Bank, Paul Johnson and Larry Roselle.
PHOTOS BY GEORGE WHITE
four branches in Port St. John, Palm Bay, Merritt Island and Cocoa Beach. CEO and President Jack Shoffner took over the role as of August 2. “We’re just in the process of announc-
ing the closing of the Port St. John and Palm Bay branches as of November 1. The branches were five years old and they never produced the customer base or deposits that we had hoped they would. We decided to close them and concentrate our resources in the Cocoa Beach and Merritt Island branches,” he disclosed. “Even with the closures, cutting
expenses, and working out troubled loans, the future of Coastal remains somewhat cloudy,” he said. “We’ve got our trials and tribulations and they’re not over yet. We expect another year or 18 months of a fairly rough economy and then we’ll just have to see what the space program does and what effect it has on this whole area. We’re leaving the troubled scenario in the near future and moving into the much more pleasant growth pattern,” Shoffner said. But, even in the face of the challenges
before him, Shoffner remains hopeful. “We think that in the next 36 to 48 months we should be able to grow the bank from $150 million where it is now, to about $300 million.’’
Sunrise Bank Faced with the possibility of closure
by federal banking officials, Sunrise Bank is counting on local investors and the success of its new building in Cocoa Beach, said CEO Larry Roselle. Also on
As for the critical need for capital,
Roselle said Sunrise is stressing its personal service and offering stock to local investors. “We enter relationships with our customers and we are there with them during the tough times. We do have a few problem assets, when the
“The economy has a way to go before any of us feel that we’re out of the woods but we’re working with our clients andwe’re still active lenders andwe’re profitable.” -Dana Kilborne, Florida Bank of Commerce
board as a new member of management is former Coastal Bank president and CEO Paul Johnson. Sunrise Bank opened in 2005 during
construction of the present location which opened in July 2007, a two-story, Key West inspired bank, complete with a small café for customers. Sunrise also touts two mobile branches to serve business customers. “Our target market is affluent retirees in Cocoa Beach who come to our building because of what we have to offer here: the best bank- ers in Brevard county; the service level and friendliness; and the atmosphere. We’ve become a tourist destination. No other bank around here is like that,” Roselle said.
relationship breaks down, where the customer stops cooperating. As long as we’re talking and moving in the right direction, we’re not going to be like the big banks and just throw you out on your ear. We’re trying to sell $20,000 investments to 400 people rather than one person coming in with $8 million and waving the big stick. That’s what a community bank is: owned by the community. We have local management, local boards, all our loans are in Brevard County,” he said. Johnson summed up the position of
all the local banks: “I think the future of banking in Brevard is in line with the future of Brevard and I think Brevard has a good future.”u
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