A Florida judge has denied a shareholder motion that would have forced the management of U.S. Century Bank to consider a rival buyout offer.

A judge for the Eleventh Circuit Court for Florida on Tuesday denied the plaintiffs' motion to appoint an independent committee to evaluate the two offers for U.S. Century, a troubled and undercapitalized lender in Doral, Fla. U.S. Century is currently renegotiating a $50 million recapitalization with an investor group led by Miami real estate developers James Tate and Sergio Rok; they had reached an initial agreement this spring.

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.