U.S. Century Bank in Doral, Fla., has received regulatory approval for its plan to raise $65 million in capital, according to a news report.
Patriot Financial Partners, a private-equity firm in Philadelphia that specializes in community bank investments, and Priam Capital, a private investment firm in New York, would contribute $41 million under the plan, the South Florida Business Journal reported, citing the bank's chairman and its chief executive.
Each company will receive a 9.99% share of voting stock and the bulk of proceeds in the event of a sale of the bank, the story said.
U.S. Century still has to raise an additional $24 million from other sources. Calls to U.S. Century were not returned.
The plan is part of U.S. Century's path towards paying back money it received from the Troubled Asset Relief Program in 2010; it owes $50.2 million, according to a Feb. 10 Treasury Department report.
Investors canceled another capital plan with the bank early last year because the deadline for a deal passed before the sides could receive regulatory approval and fully come to terms.
The bank's capital ratios at Dec. 31 were well below the 8% Tier 1 capital ratio and 12% risk-based capital ratio mandated by the Federal Deposit Insurance Corp. and Florida regulators in a consent order imposed in June 2011.