In an attempt to mend its “undercapitalized” status, U.S. Century Bank sold about $14.2 million in loans, plus a large foreclosure judgment.
The Doral-based bank, which received a $50.2 million federal bailout, is currently searching to substantially raise its capital or find a buyer, according to the South Florida Business Journal. The recent sale helps reduce the size of the bank, which in turn decreases the amount of new funds needed to meet the demands of regulators.
Miami-Dade and Broward court records show that the bank sold 22 loans on March 31 to Waterfall Olympic Master Fund, a Cayman Islands-based company. [SFBJ] – Christopher Cameron