Ramon E. Rasco, Chairman of U.S. Century Bank, announced today that the local community bank has entered into a definitive agreement with a group of local investors led by James Tate, President, Tate Capital, and Sergio Rok, President, Rok Enterprises, among other well-known local business leaders, who will inject $50 million of new capital into the Bank. U.S. Century Bank’s non-performing loans will be sold to unrelated parties as part of the transaction.
“We are excited about the opportunities that this investor group will offer U.S. Century Bank, but most importantly, we are very pleased that the Bank will remain a local community bank with local ownership, leadership and operations,” said Rasco. “These investors are all well-respected, local business leaders who know this community, and who are committed to continuing our mission of serving the banking needs of our community,” he added.
“This group of successful business leaders has a proven track record of dedication to our community,” said Carlos J. Dávila, U.S. Century Bank President and C.E.O. “They want to invest in U.S. Century Bank so that it can continue to operate and expand as a first class community-based bank, and they are eager to build upon its family-oriented, service-first environment,” he added.
“We recognize that U.S. Century Bank has a prominent presence in South Florida and an important reputation for being a good corporate citizen,” said Tate and Rok. “All of the business leaders involved in this transaction are passionate about turning around this community bank and we are ultimately investing in the future of our community, our businesses and our families,” they added.
Under the deal, U.S. Century Bank’s existing shareholders will remain as stockholders of the Bank. The board of directors of U.S. Century Bank has approved the transaction. Closing is subject to customary conditions, including regulatory approvals, approval by the U.S. Department of the Treasury, and approval by the shareholders of U.S. Century Bank. The transaction is expected to close in the third or fourth quarter of 2013.
The group of investors includes Jorge Perez, Chairman and CEO, The Related Group; Stephen Ross, Miami Dolphins owner; Wayne Chaplin, President, Southern Wine & Spirits; Scott Robins and Gerald Robins, real estate developers; George Feldenkreis, Chairman, Perry Ellis International; Oscar Feldenkreis, President and CEO, Perry Ellis International; Alan Potamkin, Co-Chairman, Potamkin Companies; Philip Levine, Founder of Royal Media Partners; Paul Feinsilver and Jimmy Klotz, owners of FMS Bonds; and Carlos Migoya, CEO of Jackson Health System.
With vast experience in banking and finance, Tate, Rok and Migoya will join the Bank’s board of directors. Their knowledge and expertise will provide guidance and direction so that the Bank can expand its lending and consumer products.
Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, with assets of more than $1 billion. Through its network of 24 branch locations and its online banking platform, it offers its customers a wide range of financial products and services. U.S. Century Bank received awards and accolades from numerous organizations for its philanthropic support and leadership including the Beacon Council, Greater Miami Chamber of Commerce, South Florida Hispanic Chamber of Commerce, Coral Gables Chamber of Commerce, Latin Builders Association, March of Dimes and many others. For more information or to find a U.S. Century branch near you, call (305) 715-5200 or visit www.uscentury.com.