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Contact: Beth Sanders
Executive Vice President and Chief Financial Officer
Telephone: (909) 798-3611
FAX: (909) 798-1872
|FOR IMMEDIATE RELEASE|
1st CENTENNIAL BANCORP ANNOUNCES
THIRD QUARTER FINANCIAL RESULTS
Redlands, California November 3, 2008 1st Centennial Bancorp (OTCBB: FCEN), (the Company) parent holding company of 1st Centennial Bank (the Bank), today announced third quarter operating results. The Company reported a net loss for the quarter ended September 30, 2008 of ($15.5) million or ($3.18) diluted loss per share, compared to a net loss of ($2.8) million or ($0.57) diluted loss per share for the second quarter of 2008.
Patrick J. Meyer, Chairman of the Board, commented, During the current quarter we built up our loan loss reserves to a very conservative level in order to reflect the current condition of our loan portfolio at quarter end, which decreased our capital levels. We are continuing to work with our investment bankers and financial consultants towards raising additional capital, in addition to reviewing recent governmental programs to determine if they are available to us. We are also in the process of increasing our authorized number of shares of common stock and authorizing a class of shares of preferred stock to enhance our ability to raise capital during these unprecedented times for our nation, our region and our Company. We have currently received the approval of a majority of our outstanding shares for these changes to our authorized capital, although the solicitation process will remain open until November 5, 2008.
Additionally, given the current financial market conditions, shareholder and depositors concerns regarding the financial services industry, we increased our cash levels at the Bank in order to bolster our liquidity by attracting additional funds using broker certificate of deposits.
Meyer continued; The Board of Directors and senior management remain keenly focused on our objectives to effectively manage our credit related issues, loan loss reserves and capital requirements. We are diligently working on plans to resolve and/or restructure our nonperforming assets in an effective and efficient manner in order to maximize shareholder value and to operate the Bank in a safe and sound manner. With the restructuring of our management team during the third quarter and the implementation of cost reductions throughout the Company, we are laying the foundation for strategically positioning ourselves to take advantage of the economic recovery that will occur once the housing industry recovers from the economic downturn.
The following information was filed by 1St Centennial Bancorp on Wednesday, November 5, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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