Centennial, Vision await venture OK

Ogden-based Centennial Bank and Orem-based Vision Bankcard just need final regulatory approval for a joint venture that improves the bank's bottom line and allows Vision to issue debit and credit cards and other products.

Centennial said it will become "well-capitalized" from the sale of bank stock, according to a statement Thursday detailing the closing of the deal, which was announced in September.

That's important because it satisfies the terms of a recently issued "prompt corrective action" letter from regulators. The bank was told to come up with a new capital plan and find a way to be "well-capitalized." Reserves for loan losses had to be bolstered, as well. The purchase of the bank stock satisfies both those conditions, according to the release.

The bank also will receive deposits from Vision's prepaid card customers and merchant account customers.

Vision provides payment technology and services to retail and online merchants worldwide. Centennial is an FDIC-insured bank with branches in Ogden, Layton, Clinton, South Jordan and Orem.

The joint venture is awaiting the final approval for change of control from bank regulators. That approval is expected to be completed next week, Centennial said.