1st Centennial Bank
Who: 1st Centennial Bank
What: 3rd bank failure of 2009 (Jan. 23, 2009)
Where: Redlands, California
Why: Had assets that exceeded the insurance limit.
Fast Facts: First California Bank, Westlake Village, California assumed all deposits from 1st Centennial Bank; as of January 9, 2009, 1st Centennial had total assets of $803.3 million and total deposits of $676.9 million, of which there were approximately $12.8 million that exceeded the insurance limits. It is the first bank to fail in California this year. Downey Savings and Loan, F.A., Newport Beach, was closed on November 21, 2008.