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Banking

Jan. 25, 2011

FDIC Sues Executives at Second California Bank

Federal banking regulators have filed a lawsuit against former executives with the failed 1st Centennial Bank in Redlands for allegedly recklessly approving highly risky commercial real estate loans despite warnings of a sliding market.


By Anna Scott


Daily Journal Staff Writer


Federal banking regulators filed a lawsuit against former executives of the failed 1st Centennial Bank in Redlands for allegedly approving risky commercial real estate loans despite warnings of a sliding market.


The complaint is only the fourth to be filed out of dozens of lawsuits the Federal Deposit Insurance Corp. has drawn up against failed bank directors nationwide, and the second in California. S...

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