U.S. Century Bank
Encyclopedia
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 asset
s, $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, and initially serving mainly Hispanic
-owned businesses, it grew quickly and planned to open up three more branches in 2003; it was called "the little bank that could" in 2005, when it operated nine branches.
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. 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. 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.
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.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in the U.S. state
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
of Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, locally owned and headquartered in Miami
Miami, Florida
Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
. 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 asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s, $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
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
.
Founded in 2002, and initially serving mainly Hispanic
Hispanic
Hispanic is a term that originally denoted a relationship to Hispania, which is to say the Iberian Peninsula: Andorra, Gibraltar, Portugal and Spain. During the Modern Era, Hispanic sometimes takes on a more limited meaning, particularly in the United States, where the term means a person of ...
-owned businesses, it grew quickly and planned to open up three more branches in 2003; it was called "the little bank that could" in 2005, when it operated nine branches.
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
Minority Business Enterprise
A Minority Business Enterprise is an American term which is defined as a business which is at least 51% owned, operated and controlled on a daily basis by one or more American citizens of the following ethnic minority classifications:...
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
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
's Troubled Asset Relief Program (TARP) Capital Purchase Program by receiving $50.2 million of funds. 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. 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.
On June 7, 2011, The Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
issued U.S. Century Bank with a consent order citing issues with asset quality, management, earnings, capital, liquidity and sensitivity to market risk.
Board of directors
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.- Ramón E. Rasco, Chairman of the Board of Directors of U.S. Century Bank; Managing Partner, Rasco, Klock, Reiniger, Pérez, Esquenazi, Vigil & Nieto P.A.
- Octavio Hernández, Vice Chairman, President, CEO and Secretary of the Board of Directors, U.S. Century Bank
- Sergio Pino
- Francisco R. Angones, Managing Partner, Angones, McClure & Garcia P.A.
- Rodney Barreto, President, Barreto Group, Inc.
- Armando J. Guerra, Chairman, Neighborhood Planning Company; Vice President, Sedano'sSedano'sSedano's Supermarket is the largest Hispanic-owned supermarket chain in the United States. It was founded by Rene Sedano in Hialeah, Florida, a Miami suburb, in 1961. The very first Sedano's Supermarket was a store in Hialeah, Florida. Rene Sedano sold the store to Armando Guerra, Sr. because...
SupermarketSupermarketA supermarket, a form of grocery store, is a self-service store offering a wide variety of food and household merchandise, organized into departments... - Manuel A. Herrán, Chairman Sedano'sSedano'sSedano's Supermarket is the largest Hispanic-owned supermarket chain in the United States. It was founded by Rene Sedano in Hialeah, Florida, a Miami suburb, in 1961. The very first Sedano's Supermarket was a store in Hialeah, Florida. Rene Sedano sold the store to Armando Guerra, Sr. because...
Supermarket and General Real Estate Corporation - Jose Cancela, Principal, Hispanic USA Inc.