Gold Coast Bank, a five-branch operation based in Islandia, said Tuesday it has moved beyond "new bank status" under federal and state law, which will help the bank grow and could lead to more available loans and higher interest rates on deposits.

Under the seven-year "de novo" period, new New York State chartered banks supervised by the Federal Deposit Insurance Corp. must meet special financial requirements of the New York State Department of Financial Services and the FDIC.

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The requirements include keeping the bank's "capital ratio" -- net worth, including common stock, surplus and retained earnings -- at 8 percent of assets.

Gold Coast began operations in 2008 and had $323.8 million in total assets at Dec. 31, 2014.

The bank emerged from de novo status Feb. 28, lowering the required capital ratio to 5 percent.

"Because we don't have to maintain as high a capital ratio now, we can actually grow the bank faster and maybe make some loans we would not have been able to make in the past," said  executive vice president and chief financial officer Catherine Califano. She said it might also permit higher interest rates on deposits.

In addition to its headquarters location in Islandia, Gold Coast has branches in East Setauket, Farmingdale, Huntington and Mineola.