U.S. Century Bank in Miami has been freed from a regulatory consent order that had restricted its activities for nearly five years.
The Federal Deposit Insurance Corp. notified U.S. Century's executives earlier this month that it had lifted the order, the $1 billion-asset bank said in a news release Saturday. In June 2011 federal and state regulators ordered the then-struggling bank to bolster capital, overhaul management and get regulatory approval for strategic moves such as the hiring of senior officers or taking steps to significantly increase assets.
Early last year the bank raised $65 million from a private-equity firm as part of its efforts to pay back money it received from the Troubled Asset Relief Program and strengthen its balance sheet after two previous deals had hit dead ends.
Its Tier 1 risk-based capital rose to 10.83% at the end of 2015 from 5.57% a year earlier, and its total risk-based capital rose to 11.87% from 6.60% during that same time period, according to the FDIC website. The consent order had required Tier 1 capital of at least 8% and total risk-based capital of at least 12%.
"Having the regulatory consent order lifted is a very positive and significant step for U.S. Century Bank," Luis de la Aguilera, who took over as chief executive of the bank in December, said in a news release. Its employees and directors "have worked tirelessly over the past few years to remedy the issues addressed in the order."
Established in 2012, U.S. Century Bank is promoted as one of the nation's largest Hispanic-owned banks.