ST. PETERSBURG, Fla., Dec. 19, 2012 /PRNewswire/ -- Trevor Burgess, the Chief Executive Officer of C1 Bank, and Ramon E. Rasco, the Chairman of U.S. Century Bank, announced today that they have restructured their planned acquisition. C1 Bank and U.S. Century Bank have entered into a mutual termination and release agreement as it relates to their planned 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.
C1 Bank CEO Trevor Burgess said, "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."
The prior merger transaction was terminated as certain requirements of the merger agreement could not be fulfilled on a timely basis.
Ramon Rasco, Chairman of U.S. Century Bank 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. We intend on raising additional capital to further bolster our capabilities and look forward to an exciting 2013."
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. Closing of the transaction is subject to customary closing conditions and any required regulatory approvals and customer notice periods. No customers of U.S. Century bank would become customers of C1 Bank as part of this transaction.
About C1 Bank:
C1 Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 21 locations in Pinellas, Hillsborough, Manatee, Charlotte and Pasco counties and online at www.C1Bank.com. C1 Bank is a leader in checking, savings and money markets, residential mortgages, business loans, SBA loan programs, and association and treasury services. C1 Bank is the Official Bank of the Tampa Bay Buccaneers and the Official Bank of the Outback Bowl.
C1 Bank services include:
- Full Service Checking, Savings and Money Market depository products for consumers and businesses
- Residential mortgages, from "30 years fixed" to "jumbo" products all with fast local decision making
- Business and commercial real estate loans of up to $20 million to help local businesses grow
- Small Business Administration loans of up to $5 million – C1 Bank is a Preferred Lender and is consistently ranked as one of the region's top SBA lenders
- Emerald Banking for doctors, lawyers, accountants and other business professionals
- Association and Treasury Services - providing lockbox services to condominiums and other businesses who need to carefully track their accounts receivable
SOURCE C1 Bank