U.S. Century Bank announced that Octavio Hernandez has retired as president, CEO and vice chairman and was replaced by Carlos J. Davila. Davila, who will be president, CEO and a director, has experience working with troubled banks. From 2007 until 2010, he was COO of Puerto Rico's Westernbank in April 2010.

Before that, Davila was Citibank's president of Florida and Puerto Rico.