Utah regulators close Centennial Bank

OGDEN (Deseret News) — State regulators closed Centennial Bank on Friday, with the Federal Deposit Insurance Corp. taking control.

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.

The FDIC was unable to find a buyer for Centennial Bank, and it approved the payout of the institution's insured deposits. As a result, checks to the retail depositors for their insured funds will be mailed on Monday.

Salt Lake-based Zions First National Bank agreed to accept the failed bank's direct deposits from the federal government, including Social Security and veterans' payments.

Centennial was established in 1997 and was owned and controlled by local investors. The company's Web site said its original primary mission was to supply construction and real estate loans throughout the state.

In addition to the main office in Ogden, Centennial had branches in Layton, Clinton, South Jordan and Orem, according to Centennial's Web site.

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