majormedical
Jan 25 2009

First California Assumes Deposits of 1st Centennial Bank

First California Financial Group, Inc. (NASDAQ: FCAL), parent company of First California Bank, today announced that First California Bank assumed the insured deposits of 1st Centennial Bank, the wholly-owned subsidiary of 1st Centennial Bancorp (OTCBB: FCEN), effective at the close of business today, from the Federal Deposit Insurance Corporation (“FDIC”) acting in its capacity as receiver of 1st Centennial Bank.

To protect depositors of 1st Centennial Bank, the FDIC entered into a purchase and assumption agreement under which First California Bank assumed all insured deposits of 1st Centennial Bank. Branches previously operated by 1st Centennial will reopen Monday morning, January 26, as part of the First California Bank franchise. 1st Centennial’s depositors will automatically become depositors of First California Bank.

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