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LAKEWOOD RANCH — C1 Bank and CBM Florida Holding Co. announced today they have entered an agreement to purchase U.S. Century Bank. The acquisition will more than double C1 Bank's current assets of $925 million. Terms of the deal were not disclosed.
Based in Doral, U.S. Century Bank has $1.2 billion in assets and 24 branches in the Miami area, a release says. The deal will give C1 Bank its first presence in Miami Dade and Broward counties.
According to its website, U.S. Century Bank is the 12th-largest bank chartered in South Florida, and was founded in 2002. After the acquisition, U.S. Century Bank will merge into C1 Bank. The combined entity will have $2.2 billion in assets and 45 locations.
“CBM Florida Holding Co. will bring up to $100 million in new capital for the transaction, capitalizing the bank so that it's in a position to expand lending and services to businesses and families helping drive economic recovery in Florida,” Trevor Burgess, CEO of C1 Bank and CBM Florida Holding Co., says in a release.
Boards of both banks have approved the acquisition, a release says, but it's subject to other regulatory approvals and the approval of U.S. Century Bank shareholders. The entities expect the deal to close later this year.
CBM Florida Holding Co. has undergone an aggressive acquisition strategy since its founding in 2008. In December 2009 it acquired a controlling interest in Community Bank of Manatee; in May 2011 it acquired Pinellas Park-based First Community Bank of America; and in May it acquired Tampa-based The Palm Bank.
The company has also instituted an aggressive marketing campaign to help fuel its growth. It changed its name recently, from Community Bank & Co., and it is the official bank of the Tampa Bay Buccaneers. In September, it is moving its headquarters to St. Petersburg.
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