U.S. Century Bank (USCB) Prices 4M Share IPO at $10/sh

U.S. Century Bank (NASDAQ: USCB) announced today the pricing of the initial public offering of 4,000,000 shares of its Class A common stock, at a public offering price of $10.00 per share for expected net proceeds to U.S. Century Bank, after deducting the underwriting discount and estimated offering expenses, of approximately $34.0 million. The shares are expected to begin trading on Friday, July 23, 2021 on The Nasdaq Global Market. The offering is expected to close on or about July 27, 2021, subject to the satisfaction of customary closing conditions. U.S. Century Bank has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of its Class A common stock, at the initial public offering price of $10.00 per share, minus the underwriting discount. If the underwriters' option is exercised in full, it is expected to result in additional net proceeds to U.S. Century Bank of approximately $5.6 million after deducting the underwriting discount and estimated offering expenses.

U.S. Century Bank intends to use the net proceeds from this offering to support continued growth, including organic growth and potential future acquisitions, as well as for the redemption of any remaining outstanding shares of U.S. Century Bank preferred stock following the completion of the voluntary exchange offer being separately conducted, pursuant to which U.S. Century Bank has offered all holders of outstanding Class C preferred stock and Class D preferred stock the ability to exchange such shares for shares of its Class A common stock at the initial offering price. The exchange offer expired on July 21, 2021 and closed effective as of today, with U.S. Century Bank accepting for exchange approximately $102.8 million in total aggregate liquidation amount of Class C and Class D preferred stock in exchange for Class A common stock, which Class A common stock was issued at the exchange rate established by the initial offering price established in the public offering.

Keefe, Bruyette & Woods, A Stifel Company, is acting as the sole bookrunner in the offering, and Raymond James & Associates, Inc. and Piper Sandler & Co. are acting as co-managers.

A registration statement on Form 10 relating to these securities has been filed with the Federal Deposit Insurance Corporation ("FDIC") and was declared effective by the FDIC on July 22, 2021. The offering has been made only by means of a preliminary offering circular attached as an exhibit to such registration statement on Form 10. The preliminary offering circular relating to the offering and a registration statement on Form 10 that have been filed with the FDIC are available at https://efr.fdic.gov/fcxweb/efr/index.html. In addition, copies of the final offering circular may be obtained (when available) from Keefe, Bruyette & Woods, A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling (800) 966-1559.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. These securities are neither insured nor approved by the FDIC, the Securities and Exchange Commission, the Florida Office of Financial Regulation or any other regulatory body.

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