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A plan to inject $50 million into U.S. Century Bank has reportedly been called off, leaving the undercapitalized Doral, Fla., bank in limbo.
January 7 -
The founding chairman of U.S. Century Bank in Miami will step down.
December 12 -
The investor group that plans to recapitalize U.S. Century Bank in Doral, Fla., has reportedly revised its offer to give a larger stake to preexisting shareholders.
August 28
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
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,
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.