First California Assumes Deposits of 1st Centennial Bank
24 1월 2009 - 12:00PM
Marketwired
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.
"The current economic environment has created significant
challenges for many banks throughout the nation," said C. G. Kum,
president and chief executive officer of First California Financial
Group. "Although we are disheartened to see a bank in our community
struggle, we are pleased that First California is positioned to
help protect the depositors and financial health of the communities
served by the former 1st Centennial Bank branch locations. As one
of the strongest capitalized and financially sound community banks
in Southern California, celebrating 30 years of providing the best
in community banking, we welcome 1st Centennial's depositors to our
organization and look forward to providing our expanded base of
customers with the strength, stability and excellent service to
which they have been accustomed."
1st Centennial Bank was chartered in 1990 in Redlands, Calif. as
Redlands Centennial Bank. It later acquired the former Palomar
Community Bank, and subsequently changed its name to 1st Centennial
Bank. 1st Centennial established six branch locations and two loan
production offices in of Southern California. The addition of 1st
Centennial's branches expands First California's operations to
include 18 full-service banking centers in Los Angeles, Orange,
Riverside, San Bernardino, San Diego and Ventura counties.
About First California Financial Group, Inc.
First California Financial Group, Inc. (NASDAQ: FCAL) is an
emerging force in Southern California banking. With assets
exceeding $1 billion, the company operates throughout Southern
California, primarily under the First California Bank brand. The
bank's focus is the commercial market, particularly small- and
middle-sized businesses, professional firms and commercial real
estate, development and construction companies. With a commitment
to provide the best client service available in its markets, the
bank offers a full line of quality commercial banking products now
through eighteen full-service branch offices. The holding company's
website can be accessed at www.fcalgroup.com. For additional
information on First California Bank's products and services, visit
www.fcbank.com.
Forward-looking Information
This press release contains certain forward-looking information
about First California that is intended to be covered by the safe
harbor for "forward-looking statements" provided by the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking statements, and
include, but are not limited to, statements related to the
assumption of insured deposits of 1st Centennial, along with
maintenance of First California's asset quality, liquidity, capital
position and lending capacity. Such statements involve inherent
risks and uncertainties, many of which are difficult to predict and
are generally beyond the control of First California. First
California cautions readers that a number of important factors
could cause actual results to differ materially from those
expressed in, or implied or projected by, such forward-looking
statements. Risks and uncertainties include, but are not limited
to, revenues are lower than expected, credit quality deterioration
which could cause an increase in the provision for credit losses,
changes in consumer spending, borrowing and savings habits,
technological changes, the cost of additional capital is more than
expected, a change in the interest rate environment reduces
interest margins, asset/liability repricing risks and liquidity
risks, general economic conditions, particularly those affecting
real estate values, either nationally or in the market areas in
which First California does or anticipates doing business,
including the likelihood of a U.S. recession, which may be
prolonged, a slowdown in construction activity, inflation, interest
rate, securities market and monetary fluctuations, recent
volatility in the credit or equity markets and its effect on the
general economy, loan delinquency rates, the ability of First
California and First California Bank to retain customers,
demographic changes, demand for the products or services of First
California and First California Bank, as well as their ability to
attract and retain qualified people, competition with other banks
and financial institutions, and other factors. If any of these
risks or uncertainties materializes or if any of the assumptions
underlying such forward-looking statements proves to be incorrect,
First California's results could differ materially from those
expressed in, or implied or projected by such forward-looking
statements. First California assumes no obligation to update such
forward-looking statements. For a more complete discussion of risks
and uncertainties, investors and security holders are urged to read
the section titled "Risk Factors" in First California's Annual
Report on Form 10-K and any other reports filed by it with the
Securities and Exchange Commission ("SEC"). The documents filed by
First California with the SEC may be obtained at the SEC's website
at www.sec.gov. These documents may also be obtained free of charge
from First California by directing a request to: First California
Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake
Village, CA 91361. Attention: Investor Relations. Telephone (805)
322-9655.
At the Company: Ron Santarosa 805-322-9333 At PondelWilkinson:
Angie Yang 310-279-5980
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