U.S. Century Bank Settles Foreclosure Against its Ex-Director Rodney Barreto

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U.S. Century Bank Settles Foreclosure Against its Ex-Director Rodney Barreto

U.S. Century Bank has settled a foreclosure lawsuit that named one of its former directors and modified the associated mortgage.

That ends a dispute between the Doral-based bank and Rodney Barreto, who was previously a board member for nine years. His is currently chairman of the Miami Super Bowl Host Committee and the head of lobbying and consulting firm Floridian Partners.

U.S. Century Bank filed a $15.31 million foreclosure lawsuit in Collier County on May 10 against Barreto; former business partner Warren Sands; and real estate ownership companies Doral Club LLC, Gladiolus Petroleum Developers, Hancock Petroleum Developers, Ortiz Petroleum Developers and Alico Petroleum Developers. The lawsuit targeted the 14,318-square-foot clubhouse at 8250 N.W. 112th Court in Doral, plus four gas stations in Southwest Florida.

Barreto was a director of U.S. Century Bank at the time the loans were made from 2007 to 2009.

Miami-Dade County Circuit Court Judge Elizabeth Krier approved a settlement between U.S. Century Bank and the defendants on July 5. While the terms of the settlement were not made public, a modified mortgage between U.S. Century Bank and Doral Club, along with the other four property ownership companies, was filed June 29.

More here…

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