Centennial Bank Achieves Preferred Lenders Program Status.EUGENE, Ore.--(BUSINESS WIRE)--Aug. 29, 1997--Centennial Bank, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Centennial Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CEBC CEBC Center for Ethical Business Cultures (University of St. Thomas) CEBC Consulting Engineers of British Columbia CEBC Centre d'Études Biologiques de Chize CEBC Conselho Empresarial Brasil-China CEBC Centre For Evidence-Based Conservation ), announced today that it has been awarded the Preferred Lenders Program (PLP (Presentation Level Protocol) A North American standard protocol for videotex. ) status from the United States Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ). The PLP status is the highest lending participation designation that financial institutions can receive, with respect to making guaranteed business loans. According to SBA sources, preferred loans account for approximately 14 percent of all business loan guarantees. There are currently 156 preferred lenders in the United States. The PLP status will provide Centennial Bank with the authority to determine eligibility, creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. , loan structuring, loan collection/servicing and loan liquidation actions, along with numerous other decisions without, in most instances, SBA's prior review or consent. This will allow Centennial Bank to provide more expeditious service to those credits that qualify under the terms of this program. According to Randy Rowbotham, Centennial Bank's SBA Liaison Officer, "Our bank has been recognized by the U.S. Small Business Administration as a financial institution active and qualified enough to receive this newest opportunity to service our customers business needs. We are excited about this achievement and look forward to providing this as an additional financial business service of Centennial Bank." Centennial Bank operates 11 branches throughout Oregon, with five in the Eugene/Springfield area and six in Portland. One more Portland branch is scheduled for opening in the next few months. Centennial Bank has been providing financial services for Oregon businesses and individuals for over 20 years. CONTACT: Centennial Bank Randy Rowbotham, 541/342-3971 |
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