U.S. Century Bank, a community bank in the Miami-Dade MSA, filed on Thursday with the FDIC to raise up to $40 million. The company did not file with the SEC, and instead the offering is being made by means of an offering circular.
The Miami, FL-based company plans to raise $40 million by offering 3.6 million shares at a price range of $10.00 to $12.50. At the midpoint of the proposed range, U.S. Century Bank would command a fully diluted market value of $201 million.
U.S. Century has 11 banking centers and a digital banking platform, offering a range of commercial products and services for SMBs in the Miami-Dade metro area. As of March 31, 2021, total assets were $1.6 billion.
The bank was founded in 2002 and booked $14 million in net income for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol USCB. Keefe Bruyette Woods is the sole bookrunner on the deal.
