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Two community banks — Central Bancorp in Somerville, Mass., and U.S. Century Bank in Doral, Fla. — delayed shareholder votes on pending deals, blaming complications from Hurricane Sandy.
October 31 -
C1 Bank of Lakewood Ranch, Fla., may be requiring U.S. Century Bank in Doral, Fla., to unload some troubled loans prior to C1's pending purchase of the struggling lender.
October 4 -
The acquisition will more than double the assets at C1 Bank, which has been an active acquirer in Florida since receiving backing by a group Brazilian investors.
August 31
C1 Bank's purchase of U.S. Century Bank in Florida is reportedly being delayed because of difficulty navigating the seller's exit from the Troubled Asset Relief Program.
The Treasury Department has rejected a proposal for C1 Bank to pay U.S. Century's Tarp funds at a discount, according to Tuesday's online edition of the South Florida Business Journal.
C1 Bank in St. Petersburg, Fla., agreed to buy the $1.3 billion-asset U.S. Century in Doral in August and pay a portion of its $50 million in Tarp funds. The $900 million-asset C1 Bank planned to inject $100 million in capital into U.S. Century, helping mend one of the state's biggest distressed banks, but the buyer also wanted a 90% discount for repaying Tarp funds. The Treasury takes a total loss in the event that an outstanding TARP bank fails.
U.S. Century amended its pitch, requesting an 87% discount that would use some of its proceeds from the sale to C1 Bank, according to the
A spokesman U.S. Century told American Banker last week that there was "an issue pending" and that Hurricane Sandy had prevented the bank's advisor in New York from traveling to Florida.
U.S. Century's management has said that the deal is still on track to close by Dec. 31.
