On the same day that Sergio Pino announced his resignation from the board of the bank he founded, US Century Bank in Miami had more bad news: the ratings agency, Fitch, withdrew its rating. In a public statement to South Florida Business Journal, Pino said his withdrawal had nothing to do with the severely deteriorating condition of the bank.
Pino, along with other bank directors, have been major Republican campaign contributors and lobbyists for suburban sprawl in Florida wetlands and farmland. They have strongly supported and pushed for the expansion of the Urban Development Boundary in Miami-Dade to include lands purchased as speculative investments for future platted subdivisions and sprawl. The bank they founded has been the recipient of the largest infusion of federal taxpayer moneys, through TARP, among all Florida banks. Read the rest of this entry »