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C1 Bank deal will double size to more than $2 billion in assets

C1 Bank to double its size with deal

In a deal doubling its size, C1 Bank said it will acquire Miami-based U.S. Century Bank, strengthening its branch network with 24 additional banking centers in South Florida and bringing C1's assets to $2.2 billion. Combined with U.S. Century, C1 will operate 45 banking centers in the Tampa Bay and Miami Dade regions. Terms of the deal, expected to close late this year, were not announced. But U.S. Century is a troubled bank with a zero-star, or weakest, health rating by Bauer Financial. C1 CEO Trevor Burgess said his bank's holding company will commit $100 million in fresh capital to underpin the U.S. Century acquisition and allow renewed lending in South Florida. C1 is relocating its headquarters from Lakewood Ranch in Manatee County to downtown St. Petersburg this fall.

C1 Bank deal will double size to more than $2 billion in assets 08/31/12 [Last modified: Friday, August 31, 2012 9:27pm]
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