Bank Failure Friday
It’s that time again. From the FDIC Failed Bank List, 1st Centennial Bank in Redlands, CA failed. From the detail:
All insured non-brokered deposit accounts have been transferred to First California Bank, Westlake Village, CA (“assuming institution”) and will be available immediately. On Monday, January 26, 2009, the former 1st Centennial Bank locations will reopen as branches of First California Bank.
It’s going to be a bad year for regional banks.
UPDATE
Calculated Risk highlights the facts that $12.8 million were above the insurance limits, and the cost to the FDIC fund is $227 million.
