Coconut Grove Bank in Miami has appointed a new chief financial officer: Samuel Milne, the former CFO of the struggling U.S. Century Bank.
Milne joins the $606 million-asset Coconut Grove after 12 years at the Doral, Fla.-based U.S. Century, according to a report Wednesday in the South Florida Business Journal. Before joining U.S. Century, he was CFO at 21st Century Holding Co. Milne has also served as CFO at BankUnited (BKU) and Consolidated Bank.
Milne's "extensive experience and breadth of knowledge will help build on our success and drive further progress in developing our operational areas," Coconut Grove Bank Chief Executive Rick Kuci told the Business Journal. "He has a proven track record in creating workflow strategies and leading high-performing teams."
Coconut Grove and U.S. Century could not immediately be reached for comment. U.S. Century plans to appoint a new CFO by Jan. 31, according to the Business Journal.
The $938 million-asset U.S. Century is one of the nation's largest undercapitalized banks. It had a 5.1% Tier 1 leverage ratio and a 7.28% total risk-based capital ratio as of Sept. 30, according to the Federal Deposit Insurance Corp.
Investors canceled a plan to inject $50 million into U.S. Century this month when the bank failed to meet several conditions. Regulators had yet to approve the arrangement, and the bank had not found buyers for its $95 million in nonperforming loans. U.S. Century also faces a class action brought by minority shareholders.
The founding chairman of U.S. Century, Ramon Rasco, stepped down from the company in December. He was succeeded by R. Alex Acosta, a former U.S. attorney for the southern district of Florida.