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

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