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

EXHIBIT 99.1

Contact: Beth Sanders

Executive Vice President and Chief Financial Officer

Telephone: (909) 798-3611

FAX: (909) 798-1872

e-mail: mailto:bsanders@1stcent.com

1^st CENTENNIAL BANCORP ANNOUNCES

THIRD QUARTER FINANCIAL RESULTS

www.1stcent.com

Redlands, California November 3, 2008— 1

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.”