The Real Deal Miami

U.S. Century to foreclose on site once owned by ex-board member

Vacant lot is across the street from Homestead Hospital

April 28, 2014 03:45PM

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U.S. Century Bank

While U.S. Century Bank continues to do battle on several legal fronts, the company has emerged victorious in another case. U.S. Century won a $5.2 million foreclosure settlement against Campbell Plaza for a vacant site that was previously owned by a former director at the bank.

The site in question — a 3.1-acre commercial-zoned property at the southwest corner of Southwest 312th Street and Southwest 147th Avenue, and across the street from Homestead Hospital — was bought for $2.88 million in 2006 by former bank director Carlos M. Garcia. When Garcia sold the property to Campbell Plaza, the bank provided the financing on the deal, according to a report in the South Florida Business Journal.

The site is set for an online auction, according to the paper.

The Doral-based U.S. Century is in the midst of several legal battles. The bank is currently facing a shareholder class action lawsuit as well as a shareholder derivative lawsuit that accuses the bank and its former directors of insider trading. [SFBJ] — Sasha von Oldershausen

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