C1 Bank to buy Miami-area bank

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.