California’s 1st Centennial Bank closed

The 1st Centennial Bank of Redlands, Calif., has been closed by the California Department of Financial Institutions, the Federal Deposit Insurance Corp. says.

The insurance group said Friday it would serve as the receiver of the California lender as appointed by the department, The Wall Street Journal reported.

The closed bank’s insured deposits would be assumed by the insurance corporation through an agreement with the First California Bank in Westlake Village, Calif.

The agreement, made to protect all depositors involved with the closed bank, means all six 1st Centennial branches will reopen next Monday as First California Bank branches.

The Journal said 1st Centennial, the third U.S. .bank to have its closure announced by FDIC officials this year, had $803.3 million in total assets as of Jan. 9 compared with total deposits of $676.9 million.