MIAMI, July 30 (UPI) -- Federal regulators said U.S. Century Bank in Doral, Fla., was on notice to improve management and increase capital.
The bank was given notice June 7, the Federal Deposit Insurance Corp. said. The order to increase capital and hire a chief executive officer "with proven ability in managing a bank of comparable size and in effectively implementing lending, investment and operating policies" was made public this week, The Miami Herald reported Saturday.
The bank, which has $1.6 billion in assets, has 30 days from June 7 to hire a bank consultant and 90 days to hire a new CEO, a new senior lending officer and a chief financial officer. It has 120 days to increase its capital to meet federal standards.
"At this time, our focus at U.S. Century Bank is to increase capital, lower our non-performing loans, improve internal controls and return to profitability. We are taking the necessary steps to make our bank stronger and improve our financial condition," the bank's vice chairman, President and Chief Executive Octavio Hernandez, said in a statement.
