South Florida RE titans push into banking
Three of South Florida’s biggest real estate hotshots, Jimmy Tate, Sergio Rok and Jorge Perez, are considering moving into the banking business. According to the South Florida Business Journal, the group is looking into purchasing U.S. Century Bank, which they are calling “undercapitalized.”
Whether the deal closes or not should be announced in the coming days, as the group completes its due diligence phase. The bank’s board has already approved the proposed deal.
The group of developers are known for their ability to turn around distressed real estate, such as selling off debt at the Omni Center in Downtown Miami for a profit of more than $50 million and converting Everglades Lumber into a Walmart Neighborhood store. However, it is yet to be seen if the group can turn around a bank.