An ambitious Florida banker has stepped in to rescue one of the state's largest ailing banks.

The $925 million-asset C1 Bank in Lakewood Ranch, Fla. said Friday that it would buy the struggling U.S. Century Bank in Doral for an undisclosed price. Industry observers say they were relieved to see that the under-capitalized U.S. Century, with $1.2 billion in assets, was picked up by another Florida bank and not an outsider or the Federal Deposit Insurance Corp.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.