Banking

Miami’s U.S. Century Bank reports first year-end profit since 2008

Miami Herald file photo.
Miami Herald file photo.

U.S. Century Bank ended 2016 with an annual profit of $2.2 million, an encouraging sign that the Doral-based bank is returning to health after years of struggle.

“Results mark the first year of positive earnings for U.S. Century Bank since 2008,” U.S. Century’s president and CEO, Luis de la Aguilera, said in a statement. “It’s exciting news for our shareholders and employees whose commitment and hard work drove performance.”

The community bank lost $5.8 million in 2015 but secured a crucial investment worth $65 million from two northeastern financial firms. Federal regulators had ordered the bank — which barely stayed afloat during the financial crisis — to find new capital.

Bauer Financial upgraded U.S. Century to a three-star rating last year, meaning the ratings firm no longer considers it “problematic.”

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