The 1st Centennial Bank of Redlands, California was closed by the California Department of Financial Institutions and was absorbed by “First California Bank”:http://www.fcbank.com/ of Westlake Village, California, via a purchase and assumption agreement executed by the Federal Deposit Insurance Corp. (FDIC).

The six branches of 1st Centennial have reopened as branches of First California Bank, and the FDIC will continue to insure customers’ deposits, which are now held by First California.
As of January 9, 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.
This is the third bank failure of 2009 and the first in California since Downey Savings and Loan, F.A., of Newport Beach, was closed on November 21, 2008.
The cost to the FDIC’s Deposit Insurance Fund is estimated to be $227 million.