U.S. Century Blank (NASDAQ: USCB) is a community

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

in Miami-Dade County,

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

, with headquarters in the city of Doral. U.S. Century Bank is a

Minority Depository Institution Minority may refer to: Politics * Minority government, formed when a political party does not have a majority of overall seats in parliament * Minority leader, in American politics, the floor leader of the second largest caucus in a legislative ...

(MDI) that provides banking services throughout South Florida. It has approximately $1.7 billion in total

assets In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can ...

, $166.3 million in

equity capital In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets. For example, if someone owns a car worth $ ...

, and a branch network that includes 10 locations in

Miami-Dade Miami-Dade County is a county located in the southeastern part of the U.S. state of Florida. The county had a population of 2,701,767 as of the 2020 census, making it the most populous county in Florida and the seventh-most populous county in ...

and Broward counties. It is a member of the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...

and rated five stars by Bauer Financial.

History

2002 to 2019 U.S. Century Bank, which has a majority Hispanic board of directors, was established in 2002 with $23 million in capital to provide financial services to Hispanic-owned businesses. Through organic growth, the bank rose to $2 billion in assets by 3109. During the economic downturn in 2009, the bank participated in the

United States Department of the Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and ...

Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President ...

(TARP) Capital Purchase Program, receiving $5. In 2011, the U.S. Treasury appointed a federal observer to the bank's board after the bank missed eight TARP dividend payments. The FDIC in 2011 issued a consent order citing issues with asset quality, management, earnings, capital, liquidity and sensitivity to market risk. U.S. Century regained profitability in 2010 and closed 2011 with $1.26 billion in deposits and $1.11 billion in loans. On December 12, 2013, U.S. Century Bank named former U.S. Attorney for the Southern District of Florida R. Alexander Acosta as chairman. Acosta was head prosecutor in the region from 2005 until 2009, after which he accepted the position of dean at Florida International University’s law school. U.S. Century Bank announced the closing of its $65 million re-capitalization on March 18, 2015, after two previous attempts. It announced regulatory approval on Feb. 20, 2015, and gained shareholders’ approval on March 9, 2015. The bank’s executive management turned over in December 2015 when Luis de la Aguilera, former head of TotalBank, was appointed president and chief executive officer. In April 2016, after the changes in management and restructuring of the bank’s loan portfolio, the bank returned to profitability and the FDIC lifted the regulatory consent order under which the bank had been operating. The board of directors named Aida Levitan, Ph.D., as chairman of the board in 2017, replacing

Alexander Acosta Rene Alexander Acosta (born January 16, 1969) is an American attorney and politician, who served as the 27th United States Secretary of Labor from 2017 to 2019. President Donald Trump nominated Acosta to be Labor Secretary on , and he was confir ...

, who had been confirmed as U.S. secretary of labor on April 27, 2017 by the

U.S. Senate The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and pow ...

. 2020 to present U.S. Century Bank was ranked as the eighth largest community bank in South Florida by assets on June 30, 2020. The bank participated in efforts to distribute federal

Paycheck Protection Program The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Donald Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARE ...

loans, processing $113.9 million in loans by March 2021 that supported South Florida small minority businesses during the

COVID-19 Coronavirus disease 2019 (COVID-19) is a contagious disease caused by a virus, the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The first known case was identified in Wuhan, China, in December 2019. The disease quickly ...

pandemic crisis. On July 16, 2021, Miami community bank U.S. Century Bank files for a $40 million IPO. The Miami, FL-based company plans to raise $40 million by offering 3.6 million shares at a price range of $10.00 to $12.50. At the midpoint of the proposed range, U.S. Century Bank would command a fully diluted market value of $201 million. On July 22, 2021, the initial public offering was priced at $10.00 per share. The shares began trading on July 23, 2021, on the Nasdaq Global Market under the symbol "USCB".

Officers

* Aida Levitan, Ph.D, chairman of the Board of Directors * Luis De La Aguilera, president & CEO

Board Members

* Aida Levitan, Ph.D., chairperson, U.S. Century Bank * Luis De La Aguilera, president and CEO, U.S. Century Bank * Kirk Wycoff, managing partner, Patriot Financial Partners, L.P. * Howard Feinglass, managing partner, Priam Capital * Ramón A. Abadin, partner, at Ramon A. Abadin P.A * Maria C. Alonso, formerly president and CEO, United Way Miami * Bernardo B. Fernandez, M.D., CEO, Baptist Health Medical Group * Robert (Bob) Kafafian, founder, chairman and CEO, The Kafafian Group, Inc. * Ramon A. Rodriguez, chairman and CEO, Cable Insurance Company

Branches

The Bank operates 10 branches located throughout Miami-Dade and Broward counties in South Florida. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the legal limit. U.S. Century Bank's branches are located in Aventura, Coral Gables, Doral, Hialeah, Hialeah Gardens, Hollywood, Miami (4) and Miami Lakes.

Footnotes

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External links

Official Web Site
Banks based in Florida Banks established in 2002 Companies based in Miami Companies listed on the Nasdaq 2002 establishments in Florida Community banking Banks