At the local level, the insider piggy bank -- US Century Bank -- and its board of directors used the levers of zoning power to proliferate suburban sprawl throughout Miami-Dade farmland and wetlands. We have likely written more than anyone about a bank and directors protected by a code of silence. Here is the archive of our posts, mentioning the bank.
In August 2011, one reader wrote, "When I was within the inner circle of this group, I asked for a loan from a board member. I was told to go to a branch and see a specific person there. I went that day sat down and was given the amount I wanted; no questions asked. Am I thankful? Yes. However, everyone in the inner loop at County Hall did this. Or sold themselves for campaign contributions. You should have seen them--all parties all candidates goveling at the trough. What is sad, is that the bank was started with a semi-private subscription by among others secretaries at US Century, Plumbers, and Rasco et al."
The news of shareholder lawsuits and a collapsed merger with Brazilian investors promises more to come. South Florida Business Daily is revealing the mechanics of insider dealing. US Century Bank is trying to walk away from its $50 million bailout by federal taxpayers through the TARP program. We hope that the bank, its executives and directors are held accountable.