Company:U.S. Century Bank

From HandWiki
Short description: Community bank in the U.S. state of Florida
U.S. Century Bank
TypePublic (since 2021)
NASDAQ: USCB
IndustryBanking
Financial services
Investment services
FoundedMiami, Florida (October 28, 2002)
HeadquartersDoral, Florida
Area served
South Florida
Key people
Aida Levitan
Chairman of the Board
Luis de la Aguilera
President and CEO
ProductsFinance
Consumer Banking
Corporate Banking
Global Banking
Homeowners Association
Total assetsIncrease US$ 1.7 billion (June 2021)
Total equityIncrease US$ 166.3 million (June 2021)
Number of employees
183 (June 2021)
Websiteuscentury.com

U.S. Century Bank (NASDAQ: USCB) is a community bank in Miami-Dade County, Florida, with headquarters in the city of Doral. U.S. Century Bank is a Minority Depository Institution (MDI) that provides banking services throughout South Florida.  It has approximately $1.7 billion in total assets, $166.3 million in equity capital, and a branch network that includes 10 locations in Miami-Dade and Broward counties. It is a member of the Federal Deposit Insurance Corporation and rated five stars by Bauer Financial.

History

2002 to 2019

U.S. Century Bank, which has a majority Hispanic board of directors, was established in 2002 with $23 million in capital to provide financial services to Hispanic-owned businesses.[1] Through organic growth, the bank rose to $2 billion in assets by 3109.[2]

During the economic downturn in 2009, the bank participated in the United States Department of the Treasury's Troubled Asset Relief Program (TARP) Capital Purchase Program, receiving $5.[3] In 2011, the U.S. Treasury appointed a federal observer to the bank's board after the bank missed eight TARP dividend payments.[4] The FDIC in 2011 issued a consent order citing issues with asset quality, management, earnings, capital, liquidity and sensitivity to market risk.[5] U.S. Century regained profitability in 2010 and closed 2011 with $1.26 billion in deposits and $1.11 billion in loans.[2][3][4]  

On December 12, 2013, U.S. Century Bank named former U.S. Attorney for the Southern District of Florida R. Alexander Acosta as chairman.[6] Acosta was head prosecutor in the region from 2005 until 2009, after which he accepted the position of dean at Florida International University’s law school.[7]

U.S. Century Bank announced the closing of its $65 million re-capitalization on March 18, 2015, after two previous attempts. It announced regulatory approval on Feb. 20, 2015, and gained shareholders’ approval on March 9, 2015.[8]

The bank’s executive management turned over in December 2015 when Luis de la Aguilera, former head of TotalBank, was appointed president and chief executive officer.[9] In April 2016, after the changes in management and restructuring of the bank’s loan portfolio, the bank returned to profitability and the FDIC lifted the regulatory consent order under which the bank had been operating.[10][11]

The board of directors named Aida Levitan, Ph.D., as chairman of the board in 2017, replacing Alexander Acosta, who had been confirmed as U.S. secretary of labor on April 27, 2017 by the U.S. Senate.[12][13]

2020 to present

U.S. Century Bank was ranked as the eighth largest community bank in South Florida by assets on June 30, 2020.[14] The bank participated in efforts to distribute federal Paycheck Protection Program loans, processing $113.9 million in loans by March 2021 that supported South Florida small minority businesses during the COVID-19 pandemic crisis.[15]

On July 16, 2021, Miami community bank U.S. Century Bank files for a $40 million IPO. The Miami, FL-based company plans to raise $40 million by offering 3.6 million shares at a price range of $10.00 to $12.50. At the midpoint of the proposed range, U.S. Century Bank would command a fully diluted market value of $201 million.[16] [17]

On July 22, 2021, the initial public offering was priced at $10.00 per share. The shares began trading on July 23, 2021, on the Nasdaq Global Market under the symbol "USCB".[18]

Officers

  • Aida Levitan, Ph.D, chairman of the Board of Directors
  • Luis De La Aguilera, president & CEO

Board Members

  • Aida Levitan, Ph.D., chairperson, U.S. Century Bank
  • Luis De La Aguilera, president and CEO, U.S. Century Bank
  • Kirk Wycoff, managing partner, Patriot Financial Partners, L.P.
  • Howard Feinglass, managing partner, Priam Capital
  • Ramón A. Abadin, partner, at Ramon A. Abadin P.A
  • Maria C. Alonso, formerly president and CEO, United Way Miami
  • Bernardo B. Fernandez, M.D., CEO, Baptist Health Medical Group
  • Robert (Bob) Kafafian, founder, chairman and CEO, The Kafafian Group, Inc.
  • Ramon A. Rodriguez, chairman and CEO, Cable Insurance Company

Branches

U.S. Century Bank Headquarters, Doral, Florida

The Bank operates 10 branches located throughout Miami-Dade and Broward counties in South Florida. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the legal limit. U.S. Century Bank's branches are located in Aventura, Coral Gables, Doral, Hialeah, Hialeah Gardens, Hollywood, Miami (4) and Miami Lakes.

Footnotes

  1. ↑ "Newborn Century Bank Doubles Assets Plans More Branches In 2003" (in en-US). 2002-12-19. https://www.miamitodaynews.com/news/021219/story6.shtml. 
  2. ↑ 2.0 2.1 Bandell, Brian (2010-04-22). "U.S. Century Bank regains profitability". http://southflorida.bizjournals.com/southflorida/stories/2010/04/19/daily48.html. 
  3. ↑ 3.0 3.1 ".S. Century Bank hit hard by regulators". https://www.bizjournals.com/southflorida/news/2011/07/29/us-century-bank-hit-hard-by-regulators.html. 
  4. ↑ 4.0 4.1 "U.S. Century Bank's bad assets up $57M in Q4". https://www.bizjournals.com/southflorida/news/2012/01/31/us-century-bank-sees-bad-assets.html?page=all. 
  5. ↑ "Federal Deposit Insurance Corporation, Consent Order". June 3, 2011. https://www.fdic.gov/bank/individual/enforcement/2011-06. 
  6. ↑ "Former U.S. Attorney becomes chairman of U.S. Century Bank". https://www.bizjournals.com/southflorida/news/2013/12/12/former-us-attorney-becomes-chairman.html. 
  7. ↑ "U.S. Attorney Alexander Acosta to lead FIU's law school" (in en). http://www.tcpalm.com/news/us-attorney-alexander-acosta-to-lead-fius-law-school-ep-398936799-347426931.html. 
  8. ↑ Nehamas, Nicholas (March 18, 2015). "U.S. Century Bank closes $65 million recapitalization deal". The Miami Herald. https://www.miamiherald.com/news/business/article15261644.html. 
  9. ↑ Nehamas, Nicholas (December 15, 2015). "U.S. Century Bank appoints Luis de la Aguilera as CEO". The Miami Herald. https://www.miamiherald.com/news/business/banking/article49885675.html. 
  10. ↑ Mazzei, Patricia (April 23, 2016). "Federal regulators lift consent order over U.S. Century Bank". The Miami Herald. https://www.miamiherald.com/news/business/banking/article73465907.html. 
  11. ↑ "U.S. Century consent order lifted in time for shareholder meeting". http://www.bizjournals.com/southflorida/news/2016/04/25/u-s-century-consent-order-lifted-in-time-for.html. 
  12. ↑ Rodriguez, Rene (May 2, 2017). "Aida Levitan named chairman of the board at U.S. Century Bank". The Miami Herald. https://www.miamiherald.com/news/business/article148046949.html. 
  13. ↑ "R. Alexander Acosta Sworn in as the 27th Secretary of the U.S. Department of Labor". April 28, 2017. https://www.dol.gov/newsroom/releases/opa/opa20170428. 
  14. ↑ Bryant, Jessica (June 30, 2020). "South Florida Community Banks - Ranked by Assets". South Florida Business Journal. https://www.bizjournals.com/southflorida/subscriber-only/2020/10/02/south-florida-community-banks.html. 
  15. ↑ "Florida COVID-19 PPP". March 31, 2021. https://www.ibanknet.com/scripts/callreports/fiList.aspx?type=pppstatebanks&state=12. 
  16. ↑ "Miami community bank U.S. Century Bank files for a $40 million IPO". renaissancecapital.com. 2021-07-16. https://www.renaissancecapital.com/IPO-Center/News/84266/Miami-community-bank-U.S.-Century-Bank-files-for-a-$40-million-IPO. 
  17. ↑ "U.S. Century Bank(USCB)". mg21.com. 2021-07-16. https://www.mg21.com/uscb.html. 
  18. ↑ "U.S. Century Bank Announces Pricing of Initial Public Offering of Class A Common Stock" (in en). 2021-07-23. https://www.businesswire.com/news/home/20210722006063/en/U.S.-Century-Bank-Announces-Pricing-of-Initial-Public-Offering-of-Class-A-Common-Stock. 

External links




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