U.S. Century has agreed to a deal with Miami investors that would clean up its loan portfolio and provide much-needed capital, while keeping the bank under local, independent management.

The Doral, Fla., bank said Tuesday that it has signed a letter of intent with a group of investors led by real estate developers James Tate of Tate Capital and Sergio Rok of Rok Enterprises, under which the group would invest $50 million in the bank and pay up to $90 million for its soured loans.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.