Once again we are seeing another bank close it's doors. When I got the word on Friday my mind quickly went back to January, where I was able to see first hand the pain of customers leaving Barnes Bank. Now we will be seeing it again. Fortunately Centennial Bank is not as large Barnes Bank; however this time it really hits at home. This bank was headquartered in our own back yard. I wish the 70 employees of the bank well, and to the 3,000 customers, I hope your money was fully insured. Either way this makes me sick.
My company pushed construction and real estate loans the same time everyone else did. We had a great rate, promotions, and we made loans. But in the end this comes down to poor underwriting and mis-management.
For more on this here is a nice article from the Tribune on the subject:
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