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Monday, January 26, 2009

FDIC Closes 1st Centennial- 3rd Failure of 2009

WASHINGTON (Reuters) -- California banking officials closed the 1st Centennial Bank Friday, the Federal Deposit Insurance Corporation said in announcing the third bank failure this year.

The bank, which has just six branches, will be purchased by First California Bank of Westlake Village, California, the FDIC said.

As of Jan. 9, 2009, 1st Centennial had total assets of $803.3 million and total deposits of $676.9 million. Approximately $12.8 million of that exceeded the insurance limits, the FDIC said.

Three U.S. banks failed in 2007 while 25 were seized by officials in 2008 as a struggling economy and falling home prices took their toll on financial institutions. Only three banks failed in 2007 and none did in 2006 and 2005.

Executives at 1st Centennial were not immediately available for comment. To top of page