REDLANDS - Fourteen former directors and officers of 1st Centennial Bank have been sued for negligence by the Federal Deposit Insurance Corporation. The complaint, filed Jan. 14 in the U.S. District Court's Central District of California, stated the former directors and officers "utterly failed to manage the Bank and its commercial real estate lending division in a prudent, safe and reasonable manner.
REDLANDS - 1st Centennial Bank may not have enough capital to stay in business. The Redlands-based bank issued a press release Wednesday, saying the bank is "critically undercapitalized." If the bank cannot find a buyer or secure a significant infusion of cash in the near future, " it will not be able to continue.
ICBA Independent Banker, the national magazine of the Independent Community Bankers of America highlighted 1st Centennial Bank as a "Top 20" industry earnings performer. 1st Centennial Bank was recognized for posting one of the 20 best year-end earnings performances in 2006 for ICBA member banks with more then $500 million in assets.
REDLANDS - For 1st Centennial Bank customers and employees, it's wait and see what Monday brings. The bank was closed Friday, days after an announcement said the bank was "critically undercapitalized" and "would not be able to continue" without a cash infusion.
REDLANDS - Regulators began warning 1st Centennial Bank about its loan strategies almost five years before the bank was shut down, according to allegations by the Federal Deposit Insurance Corporation. Former bank directors and officers "were warned by FDIC examiners as early as March 2004 of the inherent risk in the bank's high CRE (commercial real estate) concentration strategy," according to a complaint filed in federal court by the FDIC. The complaint was filed Jan. 14 against 14 former directors and officers and five unidentified defendants.
Friday night, just days after announcing it was "critically undercapitalized" and "would not be able to go on" without a cash infusion, 1st Centennial Bank was shut down by regulators. The bank will open tomorrow as First California Bank. News reports say 1st Centennial is a bank failure, the third of 2009.
Redlands-based 1st Centennial Bank has been closed by the California Department of Financial Institutions, becoming the third bank to fail nationwide so far this year, officials announced Friday. The Federal Deposit Insurance Corporation, acting as a receiver, entered an agreement with Westlake Village-based First California Bank to take over deposits at 1st Centennial, according to the FDIC.
I want to personally thank Pat Meyer, the board chairman of 1st Centennial Bank, the Board, and the people who invested in the bank for making a difference in the Redlands community over the past years. Had it not been for the greed of big finance in the United States and lack of leadership of our elected federal officials, we'd still have a real community bank. Over the years 1st Centennial assisted in the building financing of Arrowhead Christian Academy, The Village at Redlands, and Totally Kids Speciality Healthcare.
REDLANDS - Regulators began warning 1st Centennial Bank about its loan strategies almost five years before the bank was shut down, according to allegations by the Federal Deposit Insurance Corporation. Former bank directors and officers "were warned by FDIC examiners as early as March 2004 of the inherent risk in the bank's high CRE (commercial real estate) concentration strategy," according to a complaint filed in federal court by the FDIC. The complaint was filed Jan. 14 against 14 former directors and officers and five unidentified defendants.
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