Centennial First Financial Services and Redlands Centennial Bank Announce Pending Name Changes.Business Editors REDLANDS, Calif.--(BUSINESS WIRE)--Dec. 31, 2002 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. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CFFX) parent company of Redlands Centennial Bank, today announced that it will be contacting its shareholders during January 2003 to seek their approval to change the name of the Holding Company from "Centennial First Financial Services" to "1st Centennial Bancorp." Assuming shareholder approval is obtained, the name change of the Holding Company will be effective upon the filing of the related amendment to the Articles of Incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. with the Secretary of State. It is anticipated that the Holding Company's name change will become effective on or about Feb. 15, 2003. The name "1st Centennial Bancorp" is designed to more closely mirror the new name of the Bank. Redlands Centennial Bank has filed the necessary notification with the Department of Financial Institutions in order to change the Bank's name from "Redlands Centennial Bank" to "1st Centennial Bank" and is in the process of implementing the remaining steps required to effectuate the name change. This name change, which will be effective upon the filing of the related amendment to the Bank's Articles of Incorporation with the Secretary of State, is tentatively scheduled to be effective March 3, 2003. As 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. , Redlands Centennial Bank has expanded its geographic footprint outside of the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. to Orange County (Brea), San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County (Escondido, where it operates as "Palomar Community Bank, a Division of Redlands Centennial Bank") and, soon, to the Coachella Valley Coachella Valley (kō'əchĕl`ə), arid region, SE Calif., N of the Salton Sea. Water is brought into the region by artesian wells and by the Coachella Canal (123 mi/198 km long), a branch of the All-American Canal built between 1938 and (Palm Desert). Executive Management and the board of directors believe that it is in the strategic long-term interest of the Bank, its customers, employees, and the shareholders of its parent holding company, to embrace a more "global" name. In addition, operating Palomar Community Bank as a Division of Redlands Centennial Bank, has proven to be confusing to some of the Bank's customers and prospects. Finally, with one name in all geographic markets, the Bank plans to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the franchise value gained with a consistent identity, and enhance its recognition as a growing, multi-county financial services institution. According to Tim Walbridge, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. : "As always, our primary purpose is to continue to enhance shareholder value. We believe that maximizing our name recognition, `tying,' if you will, all of our locations to one, strong, unified name, will add overall franchise value to your investment in our future." This release contains forward-looking statements that reflect management's current view of future events and operations. These forward-looking statements are based on information currently available to the company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties including, but not limited to, the ability of the company to implement its strategy and expand its lending operations. Additional information is available on the Internet at www.redcent.com or by contacting Beth Sanders, Executive Vice President and Chief Financial Officer at beths@redcent.com. |
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