1St Centennial Bancorp (1097081) SEC Filing 10-Q Quarterly report for the period ending Monday, June 30, 2008

Exhibit 99.1

Contact: Tom Vessey

President & CEO

Telephone: (909) 798-3611

FAX: (909) 798-1872

e-mail: tvessey@1stcent.com

1^st CENTENNIAL BANCORP ANNOUNCES

SECOND QUARTER FINANCIAL RESULTS AND PLANS TO EVALUATE

CAPITAL ALTERNATIVES

www.1stcent.com

Redlands, California—August 7, 2008— 1

Both the Company and Bank remain “well capitalized” as defined by applicable regulatory definitions. As of June 30, 2008, the Bank’s Tier 1 capital to average assets ratio (“Leverage Capital Ratio”) was 7.38%, the Tier 1 risk-based capital ratio was 9.35%, and the total risk-based capital ratio was 10.61%. On a consolidated basis, as of June 30, 2008, the Company’s Tier 1 capital to average assets ratio was 7.60%, the Tier 1 risk-based capital ratio was 9.61%, and the total risk-based capital ratio was 10.87%. Under the regulatory definitions, in order to be considered “well capitalized,” a financial institution must have a Leverage Capital Ratio of at least 5%, Tier 1 risk-based capital ratio of at least 6% and a total risk-based capital ratio of at least 10%. To be adequately capitalized, those same ratios must be at least 4%, 4% and 8%, respectively.

Patrick J. Meyer, Chairman of the Board, commented, “The financial services industry continues to experience a very challenging economic environment, especially in the Inland Empire and other parts of Southern California. These are clearly unprecedented times for our nation, our region and our company, as reflected in the results of operations that so many other financial institutions are reporting. As the financial services industry works through the excess housing inventory in the Inland Empire and surrounding areas, we are strategically positioning ourselves to take advantage of the economic recovery that will occur once the housing industry returns to normal. Here are some specific steps we have taken so far: