SPAN
July 2000-February 2011

HEADQUARTERS
Port Orange

REGULATORS
OFR/FDIC

TOTAL ASSETS AT FAILURE
$125 million

COST TO FDIC
$30 million

DIRECTORS
Dennis E. Brinn
Douglas A. Clark
Alan R. Crouch
John D. Fudge
Robert K. Korey
James W. Paytas Jr.
George C. Scott
Edward F. Simpson Jr.
Kenneth Staudt

Regulators said Sunshine State Community Bank made too many loans to real estate developers, did not always get adequate appraisals, and sometimes failed to conduct annual audits as required by law.

Regulators also cited two instances in which Sunshine State modified and extended loans to a borrower who could not pay closing costs or make interest payments.

Mostly, though, officials say the bank failed to adapt to a quickly changing economy.

Founded in July 2000, Sunshine State grew slowly compared with other Florida community banks. It reached $170 million in assets at its peak in 2008.

In an assessment in 2009, chief executive Dennis Brinn told the Daytona Beach News-Journal that he thought Sunshine State had done a good job as a community bank.

"All our loans are local loans," he said. "But many people in our area are going through tough economic times, and, unfortunately, they are defaulting on their loans."

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