Friday Failure

The feds┬áseized 1st Centennial Bank, a California bank, this afternoon. That’s three so far this year. Here are the details from the WSJ:

The regulator said 1st Centennial Bank was closed Friday by the California Department of Financial Institutions. The department appointed the FDIC as receiver of the Redlands lender.

The closing was the third announced this year by the FDIC.

To protect the depositors, the FDIC agreed with First California Bank in Westlake Village to assume the insured deposits of 1st Centennial.

The six branches of 1st Centennial will reopen Monday as branches of First California Bank.

As of Jan. 9, 1st Centennial had total assets of $803.3 million and total deposits of $676.9 million.

Expect this to be a regular occurrence.

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