January 23, 2009:
1st Centennial Bank,
Redlands, CA was closed by the California Department of Financial
Institutions (DFI). The Federal Deposit Insurance Corporation (FDIC) was
As of January 9, 2009, 1st Centennial had assets of $803.3 million and deposits of $676.9.
The FDIC entered into a purchase and assumption agreement with First California Bank to assume the insured deposits. On Monday, January 26, 2009, the six former 1st Centennial Bank locations reopened as branches of First California . All insured, non-brokered deposit accounts were transferred and are immediately available.
Principal and interest on insured accounts, through January 23, 2009, are fully insured by the FDIC up to the insurance limit of $250,000. Accrued interest will be paid at your same rate, however First California will be reviewing rates.
1st Centennial had approximately $362 million in brokered deposits that were not part of this transaction. The FDIC will pay the brokers for the amount of their insured funds. Customers who have placed money with these brokers should contact them directly for more information.
There were approximately $12.8 million in deposits that exceeded the insurance limits. If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. If you think you might have uninsured deposits call the FDIC to arrange for a telephone interview at 1-800-822-1918.
First California agreed to assume the insured deposits for a 5.29% premium. It will also purchase approximately $293 million of the failed bank's assets. The assets are comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates the cost to its Deposit Insurance Fund will be $227 million.
For additional information and assistance contact the FDIC at: 1-800-822-1918; or go to: http://www.fdic.gov/bank/individual/failed/centennial.html
|2009 FDIC Insured Failed Banks|
218 East State Street
Redlands, CA 92373
|Assets: $803 million|
|Deposits: $677 million|
|Cost to FDIC: $227 million|
Creditor Claims: Claims
against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. Shortly after the
failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process. If you provided a service for 1st
Centennial Bank and have not received a notice, please contact:
Deposit Insurance Corporation
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred.
The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.
Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.
It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.
Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search
Established on 8/1/1990 as Redlands Centennial Bank
5/24/2002: Acquired Palomar Community Bank
3/3/2003: Name changed to 1st Centennial Bank