LAKEWOOD RANCH - C1 Bank and CBM Florida Holding Co. have entered into an agreement to acquire U.S. Century Bank based in Doral, Fla.
The acquisition will be accomplished through the merger of U.S. Century Bank into C1 Bank.
U.S. Century Bank has $1.2 billion in assets and 24 banking centers in the greater Miami area. This transaction will introduce C1 Bank to Miami Dade and Broward counties. The merger grows C1 Bank to approximately $2.2 billion in assets, bank officials said.
CBM Florida Holding Co. was established in 2008 to acquire, capitalize and rehabilitate Florida banking institutions. Its first investment was completed in December 2009 when it acquired a controlling interest in Community Bank of Manatee followed by the May 2011 acquisition of First Community Bank of America and by the May 2012 acquisition of The Palm Bank.
C1 Bank, which is relocating its Lakewood Ranch headquarters to St. Petersburg in September, currently has approximately $925 million in assets. It has achieved nine consecutive quarters of profitability and has reported net income year-to-date as of June 30th of over $3 million. C1 Bank was recently named by Inc. magazine as one of the 5000 fastest growing companies in the United States.
"This acquisition creates an institution with 45 banking centers spanning the entire Tampa Bay region and the entire Miami Dade region. It expands our presence to seven counties in south Florida and brings our number of clients to nearly 50,000," said Marcelo Lima, chairman of CBM Florida Holding Co.
The boards of directors of C1 Bank and U.S. Century bank have approved the acquisition. Closing is subject to regulatory approvals. The acquisition is expected to close later this year.