U.S. Century Bank in Miami may be looking for a new chairman.
Alex Acosta, who has been the $1 billion-asset bank’s chairman since 2013, was nominated by President Trump to be secretary of the Department of Labor.
Acosta, a former Lehman Brothers investment banker and onetime member of the National Labor Relations Board, played an “instrumental” role helping U.S. Century emerge from a 2011 consent order, Luis de Aguillera, the bank’s CEO, said in a statement Thursday.
The regulatory order, which was removed in April, required U.S. Century to raise capital and bring in new management.
Aguillera did not address how U.S. Century will approach its board vacancy, though he praised Acosta for being a “brilliant leader with an exemplary reputation.”