U.S. Century Bank, which has agreed to be sold to C1 Bank of St. Petersburg, said it will hold its shareholders meeting on Nov. 27 to vote on the sale.
Terms of the deal, which was reached Aug. 30, now include a proposed $6.27 million repayment of TARP funds, the bank said. Orinally, C1 proposed a 90 percent discount in repaying U.S. Century's TARP funds, returning only $5.2 million of the $50.2 million.
The U.S. Treasury Department must approve the proposed TARP (Troubled Asset Relief Program) repayment.
The proposed sale of U.S. Century was the culmination of years of searching for capital as the Doral bank faltered during the real estate downturn and recession. Founded in 2002, U.S. Century is operating under a June 2011 regulatory consent order mandating it to boost capital, reduce its bad loans and return to profitability, among other requirements. Last year, it hired the Japanese investment bank Nomura Securities to try to raise at least $150 million in private equity funds.
C1, privately owned by four investors, is proposing to inject $100 million of fresh capital into the combined bank. The deal would give the growing C1 Bank 24 branches in Miami-Dade and Broward counties and $1.2 billion in assets.
U.S. Century said it still hopes to complete the deaL, which is subject to shareholder and regulatory approval, by year-end.
INA PAIVA CORDLE