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U.S. Century in Florida, one of the largest undercapitalized banks in the U.S., is trying to sell a controlling interest to an investment group. But shareholders who have sued the bank favor another group's buyout offer, and they tried to get the judge to force the bank to reconsider.
August 14 -
U.S. Century Bank in Doral, Fla., has postponed a shareholder vote on a $50 million capital injection.
July 26 -
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 gained a pair of new investors and lost two others in the latest chapter of the struggling bank's $50 million recapitalization plan.
The investment group hoping to revive the $949 million-asset U.S. Century has brought two new investors into the fold, according to a Monday report in the
"These two groups are very involved with the area's Latino and Hispanic communities," Tate said when reached by phone. "They will bring a new level of investment and integrity to the bank."
Meanwhile, Miami Dolphins owner Stephen Ross and former Belgium ambassador Paul Cejas have dropped out of the group, Tate said. Ross's exit "had nothing to do with the bank," according to Tate, who was unsure about the investor's motivations for leaving. Cejas left for personal reasons, he said.
Ross and Cejas did not immediately respond to calls seeking comment.
U.S. Century is one of the largest undercapitalized banks in the country. It had a Tier 1 leverage ratio of 5.14% and total risk-based capital of 7.14% as of June 30. The recapitalization was announced in
The bank will also negotiate with the Treasury Department to redeem $50.2 million of Troubled Asset Relief Program Shares under the recapitalization agreement.
U.S. Century has been selling loans in an effort to raise capital since its planned sale to C1 Bank in St. Petersburg, Fla., collapsed in December 2012. The merger was called off when the Treasury rejected a proposal for C1 to repay U.S. Century's Tarp debt at a 90% discount.
