Centennial First Financial Services Announces Change in Management, www.redcent.com.Business Editors REDLANDS, Calif.--(BUSINESS WIRE)--Nov. 13, 2001 Patrick J. Meyer, chairman of the board of Centennial First Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. ("Centennial"), today announced that the board of directors has appointed Timothy P. Walbridge as president and chief executive officer of both Centennial First and its 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. , Redlands Centennial Bank ("Redlands Centennial"). Walbridge replaced Douglas C. Spencer, who was terminated as president and chief executive officer of both companies by the companies' respective boards of directors effective Nov. 9, 2001. Walbridge served as executive vice president and chief lending officer of Redlands Centennial from June 26, 2000 until his current appointment. During more than 20 years in his banking career, he most recently served as senior vice president and loan administrator of First Security Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. . His responsibilities included underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and monitoring approximately a $700 million loan portfolio. Centennial First is a California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). bank holding company formed in 1999 to acquire and hold all the stock of Redlands Centennial Bank, a state-chartered community bank with headquarters in Redlands, and with one branch office located in Brea, Calif. Redlands Centennial has been in operation since 1990. In August 2001, Centennial First also acquired Palomar Community Bank, a state-chartered bank in Escondido, Calif., which now operates as a separate subsidiary of Centennial First. As of Sept. 30, 2001, Centennial First had total assets of $192.8 million, total deposits of $172.6 million, and total gross loans of $118.2 million. Net earnings (unaudited) for the nine months ended Sept. 30, 2001 and 2000 were $682,000 and $626,000, respectively. Basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.89 and $0.87, respectively for the nine months ended Sept. 30, 2001 and $0.91 and $0.84, respectively for the nine months ended Sept. 30, 2000. Additional information is available on the Internet at www.redcent.com or by contacting Beth Sanders San´ders n. 1. An old name of sandalwood, now applied only to the red sandalwood. See under Sandalwood. directly at beths@redcent.com. |
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