U.S. Century Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 2002 |
| Headquarters | Doral , United States |
Area served | Miami-Dade and Broward counties, South Florida |
Key people | Luis De La Aguilera (president, CEO, chairman) |
| Products | Banking services |
| Parent | USCB Financial Holdings, Inc. |
| Website | www |
U.S. Century Bank is a community-focused bank based in Doral, Florida, catering to customers in Miami-Dade and Broward counties. Recognized as a Minority Depository Institution (MDI), its primary market is South Florida. As of December 2024, the bank's asset portfolio totals $2.6 billion, with equity capital amounting to $215.4 million, and it operates through 10 branch locations. It holds FDIC insurance and has earned a five-star rating from Bauer Financial.
History
From 2020 Onward
By the middle of 2022, U.S. Century Bank was ranked as the eighth largest community bank in South Florida based on asset size. Throughout the COVID-19 crisis, the bank supported minority-owned small businesses by distributing over $168 million in loans under the Paycheck Protection Program.
In July 2021, U.S. Century Bank initiated an initial public offering (IPO) seeking to raise $40 million by offering 3.6 million shares priced between $10.00 and $12.50 per share, which implied a valuation near $201 million at the midpoint price. The stock commenced trading on Nasdaq under the symbol "USCB" on July 23, 2021.
By July 2022, total assets had grown beyond $2 billion. In June 2023, Luis de la Aguilera was named chairman of the board for USCB Financial Holdings and U.S. Century Bank.
Founding Period
Established in 2002 with initial capital of $23 million and a predominantly Hispanic board of directors, U.S. Century Bank focused its services on Hispanic-owned enterprises. The institution expanded organically to reach $2 billion in assets by 2009.
During the financial crisis in 2009, the bank took part in the Treasury’s Troubled Asset Relief Program (TARP), receiving $5 million in funds. Subsequently, regulatory scrutiny intensified, including the appointment of a federal observer in 2011 after missed dividend payments on TARP funds and an FDIC consent order addressing concerns related to asset quality and management practices. Despite these challenges, profitability returned by 2010, with year-end 2011 figures showing deposits of $1.26 billion and loans totaling $1.11 billion.
In December 2013, R. Alexander Acosta, former U.S. Attorney, was appointed chairman of the board. Following regulatory difficulties, a recapitalization effort amounting to $65 million was finalized in March 2015 after receiving approval from shareholders and regulators.
Luis de la Aguilera assumed the roles of president and CEO in December 2015 and spearheaded restructuring initiatives that restored profitability by April 2016, leading to the FDIC’s removal of its consent order.
In 2017, Aida Levitan, Ph.D., succeeded Acosta as chairman after his confirmation as U.S. Secretary of Labor.
Officers
- Luis De La Aguilera, president & CEO, chairman of the Board of Directors
Board Members
- Aida Levitan, Ph.D., APR, President of the Levitan Group, Inc.
- Luis De La Aguilera, Chairman, 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, CEO and Regional Dean, Northeastern University Miami Campus
- 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
U.S. Century Bank maintains a network of 10 branch offices situated throughout Miami-Dade and Broward counties in the South Florida region. Customer deposits are protected by FDIC insurance up to the maximum allowable amount. The bank's branch presence spans locations including Aventura, Coral Gables, Doral, Hialeah, Hialeah Gardens, Hollywood, Miami (with four branches), and Miami Lakes.