MIAMI (CBSMiami) – Doral-based U.S. Century Bank has agreed to be sold to C1 Bank in order to have the capital needed to survive, according to CBS4 news partner the Miami Herald.
C1 Bank, based in St. Petersburg, has added multiple community banks to its portfolio in the past few years and before the U.S. Century deal had assets of $925 million.
Buying U.S. Century will give C1 Bank access to the South Florida market, adding 45 branches to its network and increasing assets to $2.2 billion.
According to the Herald, U.S. Century has been dealing with problems in recent years and operates under a regulatory consent order that requires it to raise capital and reduce its bad loans.
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