Utah regulators close Centennial Bank

Main office in Ogden; branches in Layton, Clinton, South Jordan, Orem

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  • move your money
    March 6, 2010 9:27 p.m.

    move your money to a credit union. don't support these fat cat bankers. credit unions are non-profits devoted to bettering peoples' finances not profiting off their misfortunes. i'd suggest america first. they are the sixth largest in the country and have purchased 3 failing credit unions in the past year or so - the government wouldn't have allowed that unless they were confident with afcu. you don't see zions buying barnes or centennial. zions has A LOT of problems.

  • Anonymous
    March 6, 2010 6:39 p.m.

    The bank, which had $215.2 million in assets and $205.1 million in deposits, was closed by the Utah Department of Financial Institutions. The FDIC was named receiver."]

    OK, we see what the assets are. But what are the total liabilities on the books? And how does FDIC determine when to close a bank? Inquiring minds want to know.

  • All Knowing
    March 6, 2010 6:33 p.m.


    ["FDIC would not allow Zions Bank to bid on any failed bank or help them in dissolution situations unless they had confidence in them."]

    Has nothing to do with confidence. Has everything to do with the balance sheet.

  • Eugene's $$$$$
    March 6, 2010 11:07 a.m.

    glad to see Eugene, or anybody for that matter, has more than $250,000 to deposit in any one bank. Centennial failed, but none of their depositors with less than $250,000 will lose a nickel.

  • Great PR
    March 6, 2010 10:56 a.m.

    To Eugene: Well said from Zions Public Relations department. (feel my sarcasm)

  • Boomerang
    March 6, 2010 10:28 a.m.

    @Eugene Zion's isn't saving any folks entrenched in the bank failures. Zion's has a plethora of problems themselves and they will only continue to worsten as their commercial loan portfolio begins to unravel. Remember, that deposits are a liability on a bank's balance sheet. They are hoping to cherry pick some good loan accounts from these failed banks. I think they should hire some of the Centennial employees like they did at Barnes. That ought to help their cause. Also, all you Credit Union members, many of your institutions are also in the thick of problems with real estate loans, it's just not common knowledge.

  • Eugene
    March 6, 2010 7:15 a.m.

    In times wrought with bank failures, it's good to see that the FDIC continues to hold Zions Bank in high esteem. Not only has Zions bought 4 failed banks in the past year or so, but they have helped customers of the failed Barnes Bank and now Centennial Bank get through these stressful times.

    FDIC would not allow Zions Bank to bid on any failed bank or help them in disolution situations unless they had confidence in them. Analysts expect more banks to fail in the Zions Bank marketing footprint, which will give the bank more opportunities for saving folks entrenched in the failed banks.

    I know where my money is! Why take the chance?

  • ignorance
    March 6, 2010 5:43 a.m.

    the $66 billion the FDIC has to back up deposits IS the fund, not something in ADDITION to the fund.

  • Niel
    March 5, 2010 9:27 p.m.

    WOW............. who is next?????