Time Inc. magazine deal may fetch a bit less

Keith J. Kelly

MEDIA INK

Time Warner’s talks to spin off most of the Time Inc. titles into a new publicly traded company controlled by Meredith Corp. were quietly started last fall, sources said.

Now that they are out in the open, insiders expect the pace of negotiations to pick up with a final deal hammered out within 30 days.

With Time, Sports Illustrated and Fortune excluded from the deal, sources say the price could drop into the $1.7 billion range — below the $2.5 billion to $3 billon or so that the entire company might have fetched.

The three titles that will stay with Time Warner are believed to have cash flow of around $80 million. The entire company posted a profit of $420 million last year on revenue of $3.4 billon, but minus those three titles, profit would have been closer to $340 million.

With an earnings multiple of five — which is the most even the best print properties can expect these days — it puts the price tag at $1.7 billion. Before the 2008 recession, quality publishing operations could command multiples of 10 times earnings.

Meredith execs are expected to stay in town through today to try and hammer out terms of the deal, which is expected to yield a new publicly traded company that includes People, InStyle, Real Simple and other women-targeted titles.

Meredith, based in Des Moines, Iowa, owns TV stations and magazines such as Better Homes and Gardens, Ladies’ Home Journal, Family Circle and Fitness.

Meredith posted cash flow from operations last year of $195 million — less than half that of Time Inc.

But Meredith, headed by CEO Steve Lacy, will have control over the new entity — and that has many Time insiders nervous.

“I’d guess that most of the centralized jobs in Time Inc. will disappear,” said one source.

Time Inc. CEO Laura Lang, who has been on the job a year, and Time Inc. Editor-in-Chief Martha Nelson, who has been there just a few months, should be feeling jittery.

There has been no sign of another suitor.

On the strategic front, rivals Hearst and Condé Nast are not interested.

Hearst Magazines, which dipped during the recession, is rapidly improving after digesting Hachette Filipacchi Media two years ago.

But another big deal as large as Time Inc. could raise anti-trust concerns.

Condé Nast parent Advance Publications still has most of a $500 million war chest from its sale of Discovery stock two years ago. However, it has a lot of headaches in its newspaper wing and has been using its cash judiciously to make small bets on digital properties.

On top of that, Time Warner CEO Jeff Bewkes wants a deal done as quickly as possible.

“Jeff wants a clean exit,” said one source. “He’s not trying to get the extra $200 million he might get if he conducted an auction.”

Penguin deal OK’d

The Justice Department gave its blessing to the proposed merger of Pearson’s book publishing unit, Penguin, with the Bertelsmann-controlled Random House.

The deal, which was announced in late October, puts best-selling Random House author John Gris- ham under the same corporate umbrella as Tom Clancy.

Bertelsmann will own 53 percent and Pearson 47 percent of the new company, Penguin Random House, which will be the world’s No. 1 English-language publisher.

The deal still needs clearance from the Canadian Competition Bureau and the European Commission, among others, but both companies said they expect the deal to close in the second half of the year.

Adweek goings-on

It was not all pink slips at the restructuring of Guggenheim Digital Media — formerly Prometheus Global Media — earlier this week.

At Adweek, James Cooper has been running the show since Michael Wolff was given the heave-ho in October 2011, but he still had the title of executive editor. This week, new CEO Ross Levinsohn promoted Cooper to editorial director of Adweek and gave him control of digital content and production.

Levinsohn is decentralizing the digital operations and pushing it down to individual editors Bill Werde, editorial director at Billboard, and Janice Min, editorial director at the Hollywood Reporter.

Exit at Vogue

Laurie Jones, managing editor of Vogue and Anna Wintour’s right-hand woman, is stepping down Feb. 28. One of her claims to fame was hiring a young Wintour as a senior editor of New York, where Jones was the managing editor.

A few years later, after Wintour had edited British Vogue, HG and American Vogue, she returned the favor and hired Jones at Vogue.

kkelly@nypost.com

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American Airlines, US Airways announce merger

After a nearly yearlong courtship, the union became official Thursday: American Airlines and US Airways have formally announced plans to merge.

An early morning announcement by the airlines confirmed reports widely circulated after boards of both companies approved the merger late Wednesday.

The move brings stability to one of Miami-Dade County’s largest private employers more than a year after the airline and its parent company filed for bankruptcy protection, leaving the fate of thousands of employees — and the largest carrier at Miami International Airport — in question.

According to the Thursday announcement, the deal was approved unanimously by the boards of both companies, creating the world’s biggest airline with implied market value of nearly $11 billion, based on the Wednesday closing price of US Airways stock. The airline will have close to 100,000 employees, 1,500 aircraft, $38.7 billion in combined revenue.

The deal must be approved by American’s bankruptcy judge and antitrust regulators, but no major hurdles are expected. The process is expected to take about six months, according to a letter sent to employees Thursday by American CEO Tom Horton.

Travelers won’t notice immediate changes. The new airline will be called American Airlines. It likely will be months before the frequent-flier programs are merged, and possibly years before the two airlines are fully combined. The new airline will be a member of the oneWorld airlines frequent flier alliance.

And for Miami travelers, it’s unlikely that much will change at any point. American and regional carrier American Eagle handled 68 percent of traffic at the airport last year, while US Airways accounted for just 2 percent. American boasts 328 flights to 114 destinations from Miami.

“We don’t expect any substantial changes at MIA if the merger occurs because our traffic is largely driven by the strength of the Miami market and not the airlines serving it,” said airport spokesman Greg Chin.

American has said for more than a year that its long-term plan calls for increasing departures at key hubs, including Miami, by 20 percent. That pledge has already started to materialize; in recent months, the airline has added new service to Asuncion, Paraguay and Roatán, Honduras.

During its bankruptcy restructuring, about 400 American employees lost jobs, leaving American and its regional carrier, American Eagle, with 9,894 employees in Miami-Dade County and 43 in Fort Lauderdale. US Airways has few employees in the area.

“It really isn’t going to affect Miami in a very major way anytime soon,” said Michael Boyd, an aviation consultant in Evergreen, Colo. “Only because US Airways isn’t a big player in South Florida.”

At Fort Lauderdale-Hollywood International Airport, American and US Airways combined would still only be the fifth-largest airline after Southwest, Spirit, JetBlue and Delta, a spokesman said. The two airlines have little overlap in routes from Fort Lauderdale.

Despite the lack of major changes, Boyd said the merger would be a good development for Miami.

“It should be positive for the employees and it should be positive for the communities that the airlines serve,” he said.

Robert Herbst, an independent airline analyst and consultant, said US Airways will add a “significant amount” of destinations in the Northeast, including Philadelphia and Washington, D.C.

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Jewish liturgical music festival continues through Sunday

The Fifth International Festival of New Jewish Liturgical Music is being celebrated in Miami through Sunday. It will feature new works from composers from throughout the United States, Canada, Israel and the United Kingdom. The music reflects a diverse range of musical styles and traditions.

The six-day festival is presented by Shalshelet: The Foundation for New Jewish Liturgical Music and will include school and youth workshops and Shalshelet composers in residence at area congregations over Shabbat.

The main festival events will include workshops from 10 a.m. to 2 p.m. Sunday at Beth Torah Benny Rok Campus, 20350 NE 26th Ave., and the Festival Concert at 7 p.m.

As a part of the festival, composer Raquel Pomerantz Gershon, who is known for her uplifting, original take on Jewish sacred music, will sing her own songs and traditional prayers in the Kabbalat Shabbat service at 6 p.m. Friday at Beth David Congregaton, 2625 SW Third Ave. The service will be followed by a Shabbat dinner.

Gershon started composing songs in her teens and has won awards at past Shalshelet festivals. She has performed throughout the United States, Europe and Israel. She has recorded three CDs, including "Jerusalem on My Mind," and lives in Dallas with her husband Rabbi Bill Gershon and their three children.

For more information on the Kabbalat service and the dinner following the service, call 305-854-3911 or go to www.bethdavidmiami.org.

Wenski to say Mass for members of religious orders

Archbishop Thomas Wenski will celebrate a thanksgiving Mass for all consecrated men and women, who have chosen religious life. The Mass will be at 5:30 p.m. Saturday at St. Mary Cathedral, 7525 NW Second Ave. The Archdiocese of Miami will also celebrate those who this year will celebrate their 25th, 50th and 60th anniversaries of consecrated life.

Also, on Feb. 24, the 2013 Archbishop's Motorcycle Poker Run will take place at Our Lady of the Holy Rosary-St. Richard Catholic Church at 7500 SW 152nd St. in Palmetto Bay.

The event starts at 8 a.m. with Mass; registration at 9 a.m., and Kick Stands up at 9:30 a.m., with the poker run concluding at Peterson's Harley Davidson, 19400 NW Second Ave in Miami Gardens.

Registration is $25 for rider entrance fee, and includes a commemorative T-shirt. The winning hand receives a $500 Peterson's Harley Davidson gift card. Proceeds will benefit Catholic Charities and St. Luke's Center.

Art exhibit highlights graffiti

Catalyst, a program geared toward reaching out to the hip-hop youth culture in Miami and its sponsor, Greater Miami Youth For Christ, will have its first Graffiti Art Exhibit from 7 to 10 p.m. Friday at Pyramid Art Studios, 8890 SW 129th Terr in The Falls Art District.

Vivian Stigale, Catalyst spokeswoman said the exhibit is called "26," and will feature the work of 26 different street artists.

"It takes much skill, dedication and strength to do graffiti — aerosol art and street-style murals — and is often misunderstood and is frequently criminalized," Stigale said.

The Catalyst program, founded nearly a decade ago in Miami Springs by Joel Stigale, allows emcees, break dancers, graffiti artists and DJs to practice their art in a safe, drug-free environment while being challenged to embrace a relationship with Jesus Christ.

For more information call Bonnie Rodriguez or Vivian Stigale at 305-271-2442.

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Artists You Should Know: Emeli Sande

British recording artist and songwriter Emeli Sandé is already making waves in the UK and hopes to become the latest in a growing list of British musicians that have taken over the world in recent times. Her debut album Our Version of Events is the UK's biggest selling album of 2012 and with her lyrically rich songs powered by an incredible voice, I have no doubt she is the next Global superstar. I recently chatted with Emeli before her gig at the ChapStick Sessions Concert in partnership with MySpace. Check out our full interview below and be sure to watch the concert footage above for a special performance of her latest single, Next To Me.

PICS: Candid Celeb Sightings

ETonline: You are one of music's rising stars, have a number one album (UK) for Our Version of Events, sang at the open and closing of the Olympics, and a new hit single Next To Me, how has the ride to fame been for you?

Emeli: It definitely feels surreal. It's been an incredible year and so much has happened that I didn't expect to happen so quickly. It's definitely been the type of year that you dream about as a kid so I'm very happy.

How much would you say your life has changed?

Dramatically it's definitely changed a lot. But I try to keep grounded by just focusing on the music so that part hasn't changed. But day to day it's so busy and you have less and less time to have alone and to write but it's all good that's why you do it in the first place.

A lot of wonderful talent has emerged from the UK in recent years so I've got to ask you, what's in the water over there??

(Laughs) Yeah I'm not sure! It feels like a really good time and I'm really proud to be part of this kind of new generation of musicians that are doing something quite creative. I think we all feel kind of free to experiment with different genres and it's such a small place so we all know each other and can learn from one another.

Tell me about your writing process. Are certain types of songs more easily driven by a lyric or music?

Sometimes when I play something on piano, the tone of it can inspire a feeling. But usually it's a concept that will pop in to my mind or a phrase or if I'm reading something it will spark something or a different way of thinking about the same subject. Usually it's the words but sometimes when I sit at the piano it all falls into place.

What would you say is your favorite lyric you've ever written?

I really like "when the floor is more familiar than the ceiling," just because whenever I sing that lyric I imagine somebody stuck to the floor, someone stuck to the ceiling. I've always been inspired by people that can make you see things so clearly with few words. And that's what I try to channel when I'm writing.

Is there any artist you're hoping to collaborate with in the future? Who are you currently listening to?

I think Drake is amazing lyrically; he's really doing something different I think. I love Frank Ocean as well. There's a lot of new people too, Ed Sheeran ... there's a lot of people I think are great. I love Rihanna, everyone does, and I think what she's doing is very honest and I really respect that.

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Buy hard

Jennifer Gould Keil

GIMME SHELTER

Bruce Willis is back on movie screens with “A Good Day to Die Hard” and he’s back on the Upper West Side, too.

Willis, who once lived on Central Park West with then-wife Demi Moore, is in contract to buy a co-op at the famed El Dorado building at 300 Central Park West for $8 million.

The three-bedroom, four-bathroom unit, which was listed for $8.695 million, offers plenty of space for Willis, wife Emma Heming and daughter Mabel Ray, who turns 1 in April. The living room, dining room and master suite face the park, and there’s also a “massive” windowed eat-in kitchen and a 38-foot formal gallery that’s “ideal for exhibiting art.”

FilmMagic

Bruce Willis

Getty Images

Meg Ryan

The building is a 1931 Art Deco structure created by architect Emory Roth. Amenities include a gym and a mini basketball court.

Levitt or leave it

Dede Sheoris-Levitt, ex-wife of hedge-funder Michael Levitt, has sold the gargantuan home she once shared with her husband at 4 Stone Tower Drive in Alpine, NJ, for $13.3 million — down from its $18.5 million asking price.

The 23,000-square-foot mansion comes with a gym, theater, two-lane bowling alley, nine-car garage, elevator, pool, spa, putting green and a tennis court. There’s also a 2,000-square-foot guest or staff house and a pool house.

The buyer is Joe Scott, who owns Mayrich Construction. Listing broker Dolores McCormack of Prominent Properties Sotheby’s International Realty declined to comment.

Scott has sold his home at 2 Margo Way in Alpine for $20 million to a mystery Russian buyer. Listing broker Rosemarie Campi of Prominent Properties Sotheby’s International Realty declined to comment.

We hear . . .

That music mogul Lyor Cohen is looking to buy a family-size residence on the Upper West Side. He recently checked out a $15.95 million unit at the Majestic at 115 Central Park West. He loves the neighborhood, our spies say, but not the layout of the unit he saw.

Fifth have

Billionaire Marc Rowan, co-founder of Apollo Global Management, and wife Carolyn have put their three-bedroom, 3 1/2-bathroom first-floor co-op at 927 Fifth Ave. on the market for $16 million.

They bought the space (which was previously owned by late plastic surgeon Robert Schwager, who had his office there) in May for $7.7 million. The unit has been converted into a 4,000-plus-square-foot, loft-style unit with a great room, Central Park views and 10-foot ceilings. There’s a pool table, a glass and stone bar and a “media wall.” The chef’s kitchen comes with a wine cooler and a sliding glass door, along with an “extra large” pantry.

It’s all set in a 12-story limestone-clad 1925 building with one apartment per floor — designed by Warren & Wetmore, the primary architects of Grand Central Terminal.

The listing agents are Douglas Elliman’s Kim Shepard-Fabrizi and Sandra Ripert (wife of Le Bernardin chef Eric Ripert).

The Rowans aren’t leaving the building. In December, they bought a fifth-floor apartment from Claire Edersheim, the widow of financier Maurits Edersheim. They also own a sixth-floor spread in the building.

Meg’s moves

Meg Ryan’s uptown home hunt continues. The actress just returned to “You’ve Got Mail” territory when she saw a $8.75 million brownstone at 126 W. 87th St.

The residence, which dates back to 1888, features a front parlor with 12 1/2-foot ceilings. The top story includes an 18-foot ceiling, a skylight and front and back terraces. Listing broker Deborah Sabec of Town Residential declined to comment.

As Gimme Shelter previously reported, Ryan, who’s been renting in SoHo, recently had a broker inquire about a 907 Fifth Ave. apartment, as well.

Rest of the West

The last sponsor unit is now on the market at Extell Development’s 535 West End Ave. The full-floor condo is priced at $19.5 million and was previously packaged with an upper unit as a $37.5 million penthouse duplex, but the upper floor sold separately for $22 million.

Matt Damon (who at the time was living on a West 87th Street Belnord rental with his family) bid on the upper floor, but was outbid by a Wall Street family.

Brown Harris Stevens broker Lisa Lippman has the listing for the remaining unit.

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Bobby Flay’s Burger Palace coming to Dadeland as part of expansion wing

When Dadeland Mall opens its new expansion wing later this year, diners will be able to enjoy the first Bobby Flay Burger Palace in Florida and nearly a half dozen new dining options.

The highlight of the new two-story expansion is the outdoor terrace offering diners a view of the bustling Kendall Drive. This area aims to turn the mall into more of an entertainment destination, following a trend set years ago by others areas malls including Aventura Mall, Sawgrass Mills and Dolphin Mall.

The first phase of the 102,000 square foot expansion wing will open starting in May with the arrival of 18 new retailers, including Tommy Bahama, Hugo Boss, Microsoft, Stuart Weitzman, PUMA, Donald J Pliner, Porsche Design, Urban Outfitters, Express and Original Penguin.

The restaurants are expected to open in the fall.

The new wing, which was built on the site of the former Limited store location, is designed to open the mall up to Kendall Drive.

“It feels like a whole new Dadeland,” said Maria Prado, the mall’s general manager. “We’re going to have that entertainment component that we’ve been missing. This is going to take us to the next level and give people more reason to come and stay longer.”

Joining Chef Bobby Flay’s restaurant will be Aoki Teppanyaki, Balans, Earls Kitchen + Bar and Aroma Espresso Bar located on the ground floor. Aoki Teppanyaki is the first of a new concept by Kevin Aoki, the son of Benihana’s late founder Rocky Aoki. Earls is an upscale casual dining chain based out of Canada and this will be its first location on the east coast.

Aoki’s restaurant, which is designed to feel like a Kyoto-style Japanese Village, will include teppanyaki tables, a sushi bar and sake bar.

“It’s a tribute to my father and all his hard work in creating Benihana,” Kevin Aoki said. “I’m not trying to compete with Benihana. I’m trying to open a restaurant and create excitement using the things I’ve learned from my father and my experience.”

A spokesman for Bobby Flay said he chose Dadeland for his first Florida location because of the traffic and demographics in the area. This is the beginning of plans by Flay to expand Bobby’s Burger Palace to other locations in South Florida.

The other new retailers coming to Dadeland: Vince Camuto, Tesla Motors, Everything But Water, Fit2Run, babycottons, Luggage & More and ALO Diamonds.

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Michigan woman dies during Keys diving excursion

A Michigan woman died Tuesday while diving off Key Largo, the Monroe County Sheriff’s Office said.

Donna Hartson, 64, of Sterling Heights was aboard the commercial dive vessel Silent World 4 with her husband, Leroy, and six other divers, Deputy Becky Herrin said. They were diving to the Benwood, a wreck off Key Largo, between 2 and 3 p.m.

According to the vessel’s captain, the divers were in the water for about 40 minutes. They were getting ready to go to another location when Hartson surfaced and the captain saw her signaling for help.

When the vessel reached her, she didn’t respond. People aboard pulled her onto the boat, began CPR and called the U.S. Coast Guard to report the trouble.

When the Silent World 4 reached the Port Largo subdivision, it was met by deputies and paramedics. Hartson was taken to Mariners Hospital in Tavernier, where she was pronounced dead.

An autopsy was planned.

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Brill sold to tune of $185M

Lois Weiss

BETWEEN THE BRICKS

Eric
Hadar has signed a contract to buy the Brill Building at 1619 Broadway for $185 million.

The sellers are Ofer Yardeni and Joel Seiden’s Stonehenge Partners, along with Invesco of Texas.

Hadar and Abraham Merchant and Richard Cohn of Merchants Property Group, signed a contract to buy the building last week, sources said.

The direct deal is being completed without brokers and may have begun as a retail play.

Sources said the group intends to bring the 175,000-square-foot building back to its roots with pre-builts targeting budding music and entertainment companies. Colony Records recently vacated the retail portion of the building; with a spread from the basement to the third floor of more than 45,000 square feet, it could be the most valuable portion of the asset.

In its 1950s and ’60s heyday, the building’s offices were filled with agents, publishers and rehearsal studios.

Singer-songwriter Paul Simon still maintains his office there.

No one could be reached for comment at press time.

Once an active investor, Hadar previously owned both the Citigroup Building and the LVMH Building at 57th Street and Fifth Avenue.

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A downtown dorm currently used by Pace University is on the market through Jimmy Kuhn, David Kolan and Lawrence “Chip” Porter at Newmark Grubb Knight Frank. The former office building at 55 John St., and its income stream, could bring in $90 million for seller Yitzchak Tessler.

The dorm is entirely leased to Educational Housing Services, which has an agreement to provide Pace with 285 fully furnished dorm rooms. Not like the dorm rooms you lived in years ago, these all have flat-panel TVs with built-in game consoles, small desks, captain’s beds and full-size refrigerators.

There is also a small H&R Block office on the ground floor for when the students graduate and finally earn some dough to pay back their loans.

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We just got a first look at the Real Estate Board of New York’s nominations for the most ingenious sales, leasing and financing deals of the year.

We’ll be reviewing the deals in more detail in The Post’s March 5 commercial real-estate special, and the coveted “Oscars” of the industry will be awarded on April 23.

The deals include: the sale of CUNY’s 20 East End Ave. and relocation to a tax-exempt office condo, submitted by Studley’s Ira Schuman, Daniel O. Horowitz and David Carlos; the sale of 88 Leonard St. by brokers Helen Hwang and Nat Rockett of Cushman & Wakefield; the purchase of a condominium by Y&R at 3 Columbus Circle by CBRE’s Mary Ann Tighe and Gregory Tosko; a flea market-to-flagship sale of 144 Spring Street by broker Christopher Owles of Sinvin Realty; the sale of 525 Broadway back to its original owner by ABS Partners Real Estate brokers Alan S. Cohen and Gregg L. Schenker.

Leases include: the pact for the New York Genome Center at 101 Ave. of the Americas by Bill Harvey of Newmark Grubb Knight Frank and Daniel Segal, now with Orchard Real Estate Partners; Chadbourne & Parke’s lease at 1301 Ave. of the Americas by Moshe Sukenik, Barry Gosin and Chris Mongeluzo of Newmark; leases at 11 Times Square by Jones Lang LaSalle’s Mitchell Konsker, Paul Glickman and Matthew Astrachan; the lease of newly built 33 Beekman St. by Pace University through Newmark’s David A. Falk and Kyle J. Ciminelli; the Havas lease in Hudson Square by the Newmark team of David A. Falk, Jason T. Greenstein and Frank Kajon; the Viacom renewal at 1515 Broadway by the CBRE team of Michael R. Laginestra, Scott L. Gottlieb and Andrew J. Sussman; and a lease for Times Square Capital at 7 Times Square from CBRE team Ben Friedland and Silvio Petriello.

Both sides of Morgan Stanley’s 11.2 million-square-foot lease at One New York Plaza were nominated. The tenant’s team was Barry M. Gosin, Brian S. Waterman and Romel Canete of Newmark, while the Brookfield Office Properties’ agent was Duncan McCuaig.

Finance entries included the financing for 837 Washington St. through HFF’s Evan Pariser; 50 Oceana Drive West in Brighton Beach by The Singer & Bassuk Organization’s Scott A. Singer and Jeffrey Moroch; 1515 Broadway by HFF’s team of Whitney Wilcox and Michael Tepedino; HSBC Tower’s refinancing by the Ackman-Ziff Real Estate Group’s Shawn Rosenthal; and 542-580 Second Ave. through NY Urban’s Chris Lama.

Lois@Betweenthebricks.com

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South Florida group commits to investing in U.S. Century Bank

U.S. Century Bank has signed off on its deal to recapitalize with cash from a high-profile group of local investors, allowing the Doral bank to remain independent.

The investment team, led by brothers Jimmy and Kenny Tate of Tate Capital, Sergio Rok of Rok Enterprises and Jorge Perez of Related Group, has expertise in buying distressed assets and promises to fortify U.S. Century to give it a financial foundation for success.

“We believe that our group, coupled with the additional investors we’re bringing in, will prove to be the proper brain trust needed in order to clean up the past and build a beautiful bank in the future,” said Jimmy Tate, 49.

The “handpicked” group is composed of about 10 prominent South Florida business leaders with substantial experience, who will each be making a significant investment, said Tate, who did not yet have their approvals to name them all, but said he hopes to soon.

“They are the leading businessmen in South Florida, and they are philanthropic, and they have South Florida at heart,” he said. “And they are very excited about this endeavor because they believe, as I believe, that there is a strong demand for a well-capitalized community bank that serves the banking needs of the local community.”

As part of the deal, the group will pump $50 million in capital into U.S. Century, becoming majority owners. In addition, the group will pay about $90 million to buy certain loans, including all $98 million of U.S. Century’s non-performing loans. The deal will also provide for a negotiated amount of more than $5 million to be paid to the federal government for U.S. Century’s $50.2 million in TARP funds, said U.S. Century President and Chief Executive Carlos J. Dávila.

“I certainly think this will be a very positive transaction for all the major stakeholders, meaning the community, the shareholders and our employees,” Dávila said.

U.S. Century’s 441 existing shareholders will remain as stockholders, though their percentage of ownership will shrink. Those shareholders will have the option to invest additional capital along with the new group, Dávila said.

The deal is the culmination of years of searching for capital for struggling U.S. Century, whose agreement to be bought by C1 Bank of St. Petersburg was called off by C1 in December.

U.S. Century, a Hispanic-oriented bank that opened in 2002, has been operating under a regulatory consent order since June 2011, which has mandated that it raise capital, among other issues.

The new deal, which is now under a signed letter of intent, should bring the bank “close” to regulators’ requirement of an 8 percent capital ratio, Dávila said.

“For a bank that is in distress or under a consent order where there is a requirement to raise capital, the terms and conditions of this deal are extremely reasonable and fair for the existing shareholders,” he said.

Furthermore, U.S. Century, with $1 billion in assets and 24 branches, now will get a new shot at life as one of the only remaining locally owned community banks of its size. Others, like City National Bank of Florida and BankAtlantic have been sold in recent years to foreign owners or larger U.S. banks.

Tate and his team have been working on the deal since January, after first making an unsolicited offer while the C1 deal was under way.

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Lauderhill police identify women killed in weekend crash

Lauderhill police on Monday released the names of two women killed in a weekend crash.

The driver was identified as Marie Pierre, 56, and her passenger was Valerie Duncan, 52.

Both were taken to Broward General Medical Center where they were pronounced dead.

Police say the accident occurred at Oakland Park Boulevard and Northwest 56th Avenue when Pierre, driving a silver Toyota Rav4, apparently swerved to avoid another vehicle entering the intersection around 10:45 p.m. Friday.

Pierre lost control when her westbound vehicle struck a second car, then slammed into a large traffic signal pole near the waterfall in the northwest corner, according to Lauderhill Police.

The women were on their way to their jobs as nursing assistants at the Sunrise Rehabilitation Center in Sunrise.

“They had to be at work at 11 p.m.,” said Duncan’s husband Paget Duncan. “They had plenty of time. They were not speeding.’’

Duncan said police told him the car that entered the intersection did so because the traffic light was malfunctioning and did not change.

Investigators are asking anyone who witnessed the accident to contact the Lauderhill police at 954-497-4700.

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