Published on Saturday, November 08, 2008
By Daily Bulletin Staff Writer
Because of the money 1st Centennial Bancorp is throwing into its loan loss reserves, the company is now "adequately capitalized," according to a third-quarter financial filing.
Before that quarter, the Redlands-based parent of 1st Centennial Bank holding company was "well capitalized," a risk-based category given by federal regulators.
On Monday, 1st Centennial reported $15.5 million in losses during its third quarter, which is on top of $4.2 million in losses over the first two quarters of this year - the company's first quarterly losses in 16 years.
Investment bankers and financial consultants are still working to raise private capital for 1st Centennial, and the company is analyzing whether it can benefit from the federal government's recent $700 billion bailout package and weighing whether the company should participate in it.
"We're looking at all alternatives, and no decisions have been made at this point," said Suzanne Dondanville, interim president and CEO
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