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.

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