U.S. Century Bank in Doral, Fla., has announced that its chief executive, Carlos Davila, will resign at the end of the year.

The $909 million-asset bank has initiated a search and hopes to replace him in the next few weeks, according to a statement issued on Tuesday.

Davila joined U.S. Century Bank in 2012 as president and CEO, reportedly to help with a recapitalization plan, according to the Miami Herald. Earlier this year, U.S. Century raised $65 million from a private equity firm to help it exit the Troubled Asset Relief Program; it owed $50.2 million.

Davila was previously Citibank's market president for Florida and Puerto Rico; he also was previously chief operating officer of Puerto Rico's Westernbank, which failed in April 2010.

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