News Column

BRIEF: U.S. Century Bank reports a loss for the second quarter, continues to plan for a recapitalization

July 31, 2014

By Ina Paiva Cordle, The Miami Herald



July 31--U.S. Century Bank on Thursday reported a second quarter net loss of $1.06 million, compared to a net loss of $1.66 million for the same period of 2013.

The Doral bank, which is close to finalizing plans for a recapitalization, said it has focused on improving its asset quality and completed a bulk sale of troubled assets during the first quarter. The bank said it intends to complete an additional bulk sale of troubled assets in August. For the quarter ending June 30, troubled assets totaled $88 million, down from $95 million at March 31 and $112 million at year-end 2013.

As previously reported, U.S. Century plans a $65 million recapitalization with two as-yet-unnamed private equity groups. The capital infusion is geared to satisfy regulators' requirements under a consent order, while allowing the bank to continue to operate independently. After shedding assets and consolidating branches, U.S. Century Bank closed the second quarter with $854 million in assets and 22 branches.

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(c)2014 The Miami Herald

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Source: Miami Herald (FL)


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