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You heard it here first
You heard it here first on Thursday:
LA Times this morning had the following article.
1st Centennial Bank in Redlands is shut by state regulator
It is the third U.S. bank to fail this year and the first in California after it runs into trouble funding home builders. Its six branches will reopen Monday as part of First California Bank of Camarillo
By E. Scott Reckard
January 24, 2009
The California Department of Financial Institutions closed Redlands-based 1st Centennial Bank late Friday, saying its six branches will reopen Monday as part of First California Bank of Camarillo.
Like many Inland Empire banks, 1st Centennial ran into trouble funding home builders. It was the third U.S. bank to fail this year and the first in California since Downey Savings of Newport Beach on Nov. 21.
The Federal Deposit Insurance Corp. estimated 1st Centennial's failure would cost the deposit insurance fund $227 million. The bank had $677 million in deposits as of Jan. 9. That included an estimated $12.8 million that exceeded insurance limits -- money that customers will lose access to, the agency said.
Insured deposits made through brokers will be paid back to customers through those intermediaries. First California is assuming all other insured deposits, with 1st Centennial accounts becoming First California accounts.
Customers who had more than $250,000 in deposits at 1st Centennial can call the FDIC at (800) 822-1918 starting today to set up appointments to discuss their funds. The FDIC website also has information about 1st Centennial's failure: www.fdic.gov/bank/individual/failed/centennial.html. First California agreed to buy $293 million of the failed bank's $803 million in assets. The FDIC will eventually seek to sell the remaining assets.
You heard it here first on Thursday:
LA Times this morning had the followingarticle. 1st Centennial Bank in Redlands is shut by state
regulatorIt is the third U.S. bank to fail this year and the first in
California after it runs into trouble funding home builders. Its six branches
will reopen Monday as part of First California Bank of CamarilloBy E. Scott
Reckard January 24, 2009 The California Department of Financial
Institutions closed Redlands-based 1st Centennial Bank late Friday, saying its
six branches will reopen Monday as part of First California Bank of Camarillo.
Like many Inland Empire banks, 1st Centennial ran into trouble funding
home builders. It was the third U.S. bank to fail this year and the first in
California since Downey Savings of Newport Beach on Nov. 21.The FederalDeposit Insurance Corp. estimated 1st Centennial's failure would cost the
deposit insurance fund $227 million. The bank had $677 million in deposits as of
Jan. 9. That included an estimated $12.8 million that exceeded insurance limits
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deposits made through brokers will be paid back to customers through thoseintermediaries. First California is assuming all other insured deposits, with
1st Centennial accounts becoming First California accounts. Customers
who had more than $250,000 in deposits at 1st Centennial can call the FDIC at
(800) 822-1918 starting today to set up appointments to discuss their funds. The
FDIC website also has information about 1st Centennial's failure:
The post was migrated from Yahoo.