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SARASOTA — The postmortem on the failure of Sarasota-based Century Bank, conducted by U.S. Treasury Department officials, found that flaws in the bank's lending structure partially led to its failure.
The Office of the Inspector General of the Treasury Department wrote the report. It blamed ineffective management for the issues, and, in a somewhat unusual move, placed some of the responsibility on the bank's primary federal regulator, the Office of Thrift Supervision.
Century executives were accused in the report of setting up an overly aggressive lending environment. The OTS, meanwhile, was too patient in its oversight of the bank and in handing out possible correction orders, the report states. Click here to view the report.
Century failed Nov. 13, 2009. Louisiana-based IberiaBank assumed the bank's assets and deposits.
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