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'{{short description|Community bank in the U.S. state of Florida}} {{Advert|date=October 2019}} {{Infobox company | name = U.S. Century Bank | logo = US Century Bank logo.gif | logo_size = 240px | type = Public (since 2021) | traded_as = {{NASDAQ|USCB}} | area_served = South Florida | key_people = Aida Levitan<small><br/>[[Chairman#Corporate governance|Chairman]] of the [[Board of Directors|Board]]</small><br />Luis de la Aguilera<br /><small>[[President (corporate title)|President]] and [[Chief Executive Officer|CEO]]</small> | industry = [[Banking]]<br />[[Financial services]]<br />[[Investment|Investment services]] | products = [[Finance]]<br />[[Retail Banking|Consumer Banking]]<br />[[Commercial Banking|Corporate Banking]]<br />[[Private banking|Global Banking]]<br />[[Homeowners Association]] | assets = {{increase}} [[US$]] 1.7 billion (June 2021) | equity = {{increase}} [[US$]] 166.3 million (June 2021) | num_employees = 183 (''June 2021'') | homepage = [http://www.uscentury.com/ uscentury.com] | caption = | foundation = [[Miami, Florida|Miami]], [[Florida]] (October 28, 2002) | location = [[Doral, Florida|Doral]], [[Florida]] }} '''U.S. Century Bank''' (NASDAQ: USCB) is a community [[bank]] in [[Miami-Dade County, Florida|Miami-Dade County]], [[Florida]], with headquarters in the city of [[Doral, Florida|Doral]]. U.S. Century Bank is a [[Community development bank|Minority Depository Institution]] (MDI) that provides banking services throughout [[South Florida]].  It has approximately $1.7 billion in total [[Asset|assets]], $166.3 million in [[equity capital]], and a branch network that includes 10 locations in [[Miami-Dade]] and [[Broward County, Florida|Broward]] counties. It is a member of the [[Federal Deposit Insurance Corporation]] and rated five stars by [[Bauer Financial]], the independent bank rating and research firm. https://smoothsell.com.ng/ ==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.<ref>{{Cite web|date=2002-12-19|title=Newborn Century Bank Doubles Assets Plans More Branches In 2003|url=https://www.miamitodaynews.com/news/021219/story6.shtml|access-date=2021-05-31|website=Miami Today|language=en-US}}</ref> Through organic growth, the bank rose to $2 billion in assets by 2009.<ref name=":0">{{cite news|last=Bandell|first=Brian|date=2010-04-22|title=U.S. Century Bank regains profitability|url=http://southflorida.bizjournals.com/southflorida/stories/2010/04/19/daily48.html}}</ref> During the economic downturn in 2009, the bank participated in the [[United States Department of the Treasury]]'s [[Troubled Asset Relief Program]] (TARP) Capital Purchase Program, receiving $50.2 million.<ref name=":1">{{Cite web|title=.S. Century Bank hit hard by regulators|url=https://www.bizjournals.com/southflorida/news/2011/07/29/us-century-bank-hit-hard-by-regulators.html|url-status=live|access-date=2021-05-31|website=www.bizjournals.com}}</ref> In 2011, the U.S. Treasury appointed a federal observer to the bank's board after the bank missed eight TARP dividend payments.<ref name=":2">{{Cite web|title=U.S. Century Bank's bad assets up $57M in Q4|url=https://www.bizjournals.com/southflorida/news/2012/01/31/us-century-bank-sees-bad-assets.html?page=all|url-status=live|access-date=2021-05-31|website=www.bizjournals.com}}</ref> The FDIC in 2011 issued a consent order citing issues with asset quality, management, earnings, capital, liquidity and sensitivity to market risk.<ref>{{Cite web|date=June 3, 2011|title=Federal Deposit Insurance Corporation, Consent Order|url=https://www.fdic.gov/bank/individual/enforcement/2011-06|url-status=live|access-date=May 31, 2021|website=FDIC: Federal Deposit Insurance Corporation}}</ref> U.S. Century regained profitability in 2010 and closed 2011 with $1.26 billion in deposits and $1.11 billion in loans.<ref name=":0" /><ref name=":1" /><ref name=":2" />   On December 12, 2013, U.S. Century Bank named former U.S. Attorney for the Southern District of Florida R. Alexander Acosta as chairman.<ref>{{Cite web|title=Former U.S. Attorney becomes chairman of U.S. Century Bank|url=https://www.bizjournals.com/southflorida/news/2013/12/12/former-us-attorney-becomes-chairman.html|url-status=live|access-date=2021-05-31|website=www.bizjournals.com}}</ref> Acosta was head prosecutor in the region from 2005 until 2009, when he accepted the position as dean of Florida International University’s law school.<ref>{{Cite web|title=U.S. Attorney Alexander Acosta to lead FIU's law school|url=http://www.tcpalm.com/news/us-attorney-alexander-acosta-to-lead-fius-law-school-ep-398936799-347426931.html|access-date=2021-05-31|website=www.tcpalm.com|language=en}}</ref> 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.<ref>{{Cite news|last=Nehamas|first=Nicholas|date=March 18, 2015|title=U.S. Century Bank closes $65 million recapitalization deal|work=[[The Miami Herald]]|url=https://www.miamiherald.com/news/business/article15261644.html|access-date=May 31, 2021}}</ref> 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.<ref>{{Cite news|last=Nehamas|first=Nicholas|date=December 15, 2015|title=U.S. Century Bank appoints Luis de la Aguilera as CEO|work=[[The Miami Herald]]|url=https://www.miamiherald.com/news/business/banking/article49885675.html|access-date=May 31, 2021}}</ref> 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.<ref>{{Cite news|last=Mazzei|first=Patricia|date=April 23, 2016|title=Federal regulators lift consent order over U.S. Century Bank|work=[[The Miami Herald]]|url=https://www.miamiherald.com/news/business/banking/article73465907.html|access-date=May 31, 2021}}</ref><ref>{{cite news|title=U.S. Century consent order lifted in time for shareholder meeting|url=http://www.bizjournals.com/southflorida/news/2016/04/25/u-s-century-consent-order-lifted-in-time-for.html}}</ref> The board of directors named Aida Levitan, Ph.D., as chairman of the board in 2017, replacing [[Alexander Acosta]], who was confirmed on April 27, 2017, by the [[United States Senate|U.S. Senate]] as U.S. [[United States Secretary of Labor|secretary of labor]].<ref>{{Cite news|last=Rodriguez|first=Rene|date=May 2, 2017|title=Aida Levitan named chairman of the board at U.S. Century Bank|work=[[The Miami Herald]]|url=https://www.miamiherald.com/news/business/article148046949.html|access-date=May 31, 2021}}</ref><ref>{{Cite web|date=April 28, 2017|title=R. Alexander Acosta Sworn in as the 27th Secretary of the U.S. Department of Labor|url=https://www.dol.gov/newsroom/releases/opa/opa20170428|url-status=live|access-date=May 31, 2021|website=[[U.S. Department of Labor]]}}</ref> '''2020 to present''' U.S. Century Bank is ranked by assets as of June 30, 2020, as the eighth largest community bank in South Florida.<ref>{{Cite news|last=Bryant|first=Jessica|date=June 30, 2020|title=South Florida Community Banks - Ranked by Assets|work=[[South Florida Business Journal]]|url=https://www.bizjournals.com/southflorida/subscriber-only/2020/10/02/south-florida-community-banks.html|access-date=May 31, 2021}}</ref> The bank participated in efforts to distribute federal [[Paycheck Protection Program and Health Care Enhancement Act|Paycheck Protection Program]] loans, processing $113.9 million in loans by March 2021 that supported South Florida small minority businesses during the [[COVID-19 pandemic|COVID-19]] pandemic crisis.<ref>{{Cite web|date=March 31, 2021|title=Florida COVID-19 PPP|url=https://www.ibanknet.com/scripts/callreports/fiList.aspx?type=pppstatebanks&state=12|url-status=live|access-date=May 31, 2021|website=[[iBanknet]]}}</ref> 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.<ref>{{cite web|url=https://www.renaissancecapital.com/IPO-Center/News/84266/Miami-community-bank-U.S.-Century-Bank-files-for-a-$40-million-IPO |title=Miami community bank U.S. Century Bank files for a $40 million IPO |publisher=renaissancecapital.com|date=2021-07-16}}</ref> <ref>{{cite web|url=https://www.mg21.com/uscb.html |title=U.S. Century Bank(USCB) |publisher=mg21.com|date=2021-07-16}}</ref> 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".<ref>{{Cite web|date=2021-07-23|title=U.S. Century Bank Announces Pricing of Initial Public Offering of Class A Common Stock|url=https://www.businesswire.com/news/home/20210722006063/en/U.S.-Century-Bank-Announces-Pricing-of-Initial-Public-Offering-of-Class-A-Common-Stock|access-date=2021-08-23|website=www.businesswire.com|language=en}}</ref> ==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== [[File:BankHQ.jpg|thumb|200px|U.S. Century Bank Headquarters, Doral, Florida]] 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== {{Reflist}} ==External links== * [http://www.uscentury.com/ Official Web Site] [[Category:Banks based in Florida]] [[Category:Banks established in 2002]] [[Category:Companies based in Miami]] [[Category:Companies listed on the Nasdaq]] [[Category:2002 establishments in Florida]] [[Category:Community banking]] [[Category:Banks]]'