C1 Bank to Acquire Certain Real Estate Assets of U. S. Century Bank
ST. PETERSBURG - C1 Bank and U.S. Century Bank have restructured their planned merger, it was announced Wednesday.
Trevor Burgess, the chief executive officer of C1 Bank, and Ramon E. Rasco, the chairman of U.S. Century Bank, announced they have restructured their planned acquisition and entered into a mutual termination and release agreement in regards to the previously announced merger.
The banks simultaneously entered into a letter of intent whereby C1 Bank and its principals would acquire certain real estate assets of U.S. Century Bank including the lease at U.S. Century’s Brickell Avenue branch in Miami.
“We are excited to enter the Miami-Dade market in such a positive way. We’ll hit the ground running with a great location on Brickell,” said Burgess.
The prior merger transaction was terminated as certain requirements of the merger agreement could not be fulfilled on a timely basis, bank officials said.
“This restructured transaction creates a great deal of momentum and cost savings for U.S. Century Bank and allows it to remain an independent bank providing high quality service to its clients," Ramon Rasco, chairman of U.S. Century Bank said.
C1 Bank and U.S. Century Bank plan on entering a definitive agreement and filing any required regulatory applications by the end of December 2012.