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.
Comments