First California Bank acquires failed 1st Centennial Bank
Westlake Village-based First California Bank took over six branches of 1st Centennial Bank after regulators shut down the Redlands-based bank.
First California Bank is the fourth largest in the Tri-Counties. It adds 1st Centennial’s six branches, which reopened Jan. 26, to its 14 existing locations across the state.
The Federal Deposit Insurance Corp., which took over the failed 1st Centennial, said the move cost it about $227 million, according to a release.
As of Jan. 9, 1st Centennial had total assets of $803.3 million and total deposits of $676.9 million, with $12.8 million beyond its insurance limits. Federal regulators said the overage is likely to change after they talk to customers.
1st Centennial also had $362 million in brokered deposits that were not part of the Jan. 23 transaction.
First California agreed to assume the insured deposits for a 5.29 percent premium. The Westlake Village bank will also purchase $293 million of 1st Centennial’s assets.
The assets are mostly cash, cash equivalents and marketable securities. The FDIC will keep the rest to sell later.
1st Centennial is the third bank to fail this year, and the first in California since Downey Savings and Loan in Newport Beach closed on Nov. 21.
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