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The investors would inject $50 million into the struggling lender, the bank said Monday. U.S. Century would also sell its nonperforming loans, which totaled $95 million at March 31, to "unrelated third parties" for an undisclosed price.
May 1 -
U.S. Century Bank in Doral, Fla., sold about $120 million of loans in the fourth quarter of 2012.
January 18 -
Unable to seal their deal, C1 Bank and U.S. Century have instead struck a new agreement that would still give C1 a foothold in the Miami area.
December 28
U.S. Century Bank in Doral, Fla., has postponed a shareholder vote on a $50 million capital injection.
The bank renegotiated a "positive change" to its recapitalization agreement, according to a U.S. Century spokeswoman. She declined to offer further details, but according to a
The Business Journal report, published Thursday, was based on an offering memorandum sent to shareholders June 27.
No date has been set for the shareholder vote.
Under a
The recapitalization would require that the bank negotiate with the Treasury Department to redeem its $50.2 million of Troubled Asset Relief Program shares. Earlier in July, the bank spokeswoman said that the company was still negotiating the redemption, and that regulators had not yet approved the recapitalization.
The $950.7 million-asset U.S. Century is one of the country's largest undercapitalized banks, with a Tier 1 leverage ratio of 5.21% and a total risk-based capital of 7.46% as of April 30, according to the Federal Deposit Insurance Corp.
It has been
