| Type | Private |
|---|---|
| Industry | Banking Financial services Investment services |
| Founded | Miami, Florida (October 28, 2002) |
| Headquarters | Doral, Miami, Florida |
| Area served | South Florida |
| Key people | Ramon E. Rasco Chairman of the Board Octavio Hernández Vice Chairman of the Board , President and CEO |
| Products | Finance and insurance Consumer Banking Corporate Banking Investment Banking Global Wealth Management Mortgages |
| Total assets | US$ 1.61 billion (June '11) |
| Total equity | US$ 100.18 million (June '11) |
| Employees | 275 (June 2011) |
| Website | uscentury.com |
U.S. Century Bank is a community bank in the U.S. state of Florida, locally owned and headquartered in Miami. U.S. Century Bank is a company that provides consumer and business banking services to communities throughout south Florida. It has approximately $1.61 billion in total assets, $100 million in equity capital, and a branch network that includes 24 locations throughout Miami-Dade and Broward counties. It is a member of the Federal Deposit Insurance Corporation.
Founded in 2002,[1] and initially serving mainly Hispanic-owned businesses, it grew quickly and planned to open up three more branches in 2003;[2] it was called "the little bank that could" in 2005, when it operated nine branches.[3]
U.S. Century Bank is one of the 10 largest community banks headquartered in Miami. In 2007, the bank was named Bank of the Year by both the Latin Builder’s Association and the South Florida Hispanic Chamber of Commerce. It received the 2008 Top 100 Outstanding Minority Business Award from the Greater Miami Chamber of Commerce.
On August 7, 2009, U.S. Century Bank announced it has participated in the United States Department of the Treasury's Troubled Asset Relief Program (TARP) Capital Purchase Program by receiving $50.2 million of funds.[4] U.S. Century Bank reported earnings of $1 million in the first quarter of 2010, but deferred the interest payment to the U.S. Government on its TARP loan. The rating agency Fitch downgraded the rating on the banks corporate debt to junk status.[5][6] In addition, the Union of Operating Engineers of Miami reported that US Century Bank is the financial institution in Florida with the highest ratio of loans to inside directors of the State of Florida.[7]
On June 7, 2011, The Federal Deposit Insurance Corporation issued U.S. Century Bank with a consent order citing issues with asset quality, management, earnings, capital, liquidity and sensitivity to market risk.[8]
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U.S. Century Bank’s directors are successful business leaders who have built companies from the ground up and who are experienced in operating and managing financial institutions. They provide the bank’s management with strategic direction.
The Bank operates 24 branches located throughout Miami-Dade and Broward Counties. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the legal limit. In May 2009, U.S. Century Bank opened its 25th branch located in Hialeah Florida. U.S. Century Bank's branches are located in Aventura, Brickell, Coral Gables (2), Doral, Downtown Miami, Hialeah (2), Hialeah Gardens, Hollywood, Key Biscayne, Miami (10), Miami Lakes, South Beach, and West Kendall.