On January 23, 2009, 1st Centennial Bank,
Redlands, CA was
closed by the California Department of Financial Institutions (DFI) and
the Federal Deposit Insurance Corporation (FDIC)
was named Receiver. No advance notice is given to the
public when a financial institution is closed.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking
account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct
deposit, and other relationships with the institution. The FDIC has compiled the following information which should
answer many of your questions.
The FDIC has issued a press release
the institution's closure. If you represent a media outlet and would
like information about the closure, please contact
LaJuan Williams-Young at 202-898-3876.
This link will allow you to verify the insurance status of each of your accounts. This link will be available
for use no later than the first business day after bank failure.
Simply enter your account number in the search screen. If you receive the message that "your account
is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides
you contact information.
All insured non-brokered deposit accounts have been transferred to
First California Bank, Westlake Village, CA ("assuming
and will be available immediately. On Monday,
January 26, 2009,
the former 1st Centennial Bank locations
will reopen as branches of First California Bank.
Principal and interest on insured accounts, through January 23, 2009,
are fully insured by the FDIC, up to the insurance limit of $250,000. You
will receive full payment for your insured account. Certain entitlements
and different types of accounts can be insured for more than the $250,000
limit. IRA funds are insured separately from other types of accounts,
up to a $250,000 limit.
All interest bearing accounts that exceed the $250,000 insurance limit,
and/or all interest bearing accounts that appear to be related and exceed
this limit, are reviewed
to determine their ownership and insurance coverage. If you think
you might have uninsured deposits you should call the FDIC Call Center to
arrange for a telephone interview with a Claims Agent at 1-800-822-1918.
The Claim Agent may direct you to download and submit a particular
form that will assist in expediting the processing of your claim.
FDIC Call Center
Hours of Operation
All Hours are PACIFIC Time
Friday, January 23, 2009:
Saturday, January 24, 2009:
9:00 a.m. – 6:00
Sunday, January 25, 2009:
Noon – 6:00
a.m. – 8:00 p.m.
If it is determined that you have uninsured funds, the FDIC will generate
and mail to you a Receiver Certificate. This certificate entitles
you to share proportionately in any funds recovered through the disposal
of the assets of 1st Centennial Bank. This
means that you may eventually recover some of your uninsured funds.
Checks that were drawn on 1st Centennial Bank will be
honored up to your available balance or the insured amount. You may
withdraw funds from any transferred account without an early withdrawal penalty
until you enter into a new deposit agreement with your new bank. A
hold may be in place on deposit accounts due to delinquent loans where the
depositor is the borrower or guarantor. Additionally, any account pledged
as collateral for a loan will be held. You may view more
First California Bank by
visiting their web site.
The Automated Teller Machines (ATM) will remain available.
As of Monday, January 26, 2009,
you may continue to use the services to which you previously had access,
online service, safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks
will be paid against your available insured balance(s) as if no change
had occurred. Your new bank will
contact you soon regarding any changes in the terms of your account. If
you have a problem with a merchant refusing to accept your check, please
contact your branch
office. An account representative will
clear up any confusion about the validity of your checks.
All interest accrued through Friday, January 23, 2009, will be paid
at your same rate. First California Bank will
be reviewing rates and will provide further information soon. You
will be notified of any changes.
Your automatic direct deposit(s) and/or automatic withdrawal(s) will be
transferred automatically to your new bank. If
you have any questions or special requests, you may contact a representative
of your assuming institution at your
If you had a loan with 1st Centennial Bank,
you should continue to make your payments as usual. The terms of
your loan will not change under the terms of the loan contract because they
agreed to in your promissory note with the failed institution. Checks
should be made payable as usual and sent to the same address until further
notice. If you have further questions regarding an existing loan, you may
For all questions regarding new loans and the lending policies of First
California Bank, please contact your branch office.
If you or your company provided a service or product, leased space, furniture, or equipment to
1st Centennial Bank after Friday January 23, 2009 and have not been paid you do not have a claim against
1st Centennial Bank. Please follow your normal billing procedures by providing an invoice as instructed.
Claims against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. If you or your company provided
a service or product, leased space, furniture, or equipment to 1st Centennial Bank
prior to Friday January 23, 2009 and have not been paid you may be
entitled to a claim against the bank. If you provided a product to or a service for
1st Centennial Bank prior to the bank's failure for which you have not been
paid and you have not received communication,
please contact the Federal Deposit Insurance Corporation at the
Federal Deposit Insurance Corporation Receiver:
1st Centennial Bank
1601 Bryan Street
Dallas, TX 75201
Please note: There are time limits for filing a claim,
your claim must be filed on or before 04/30/2009.
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site
outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance
coverage on custodial accounts deposited in a failed FDIC Insured Institution.