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Centennial Beneficial Posts Record Earnings for Year

May 21, 1986

Centennial Beneficial Corp., the fast-growing multibank holding company based in Orange, posted record earnings for the fourth straight year as net income rose to nearly $1.1 million, a 71% increase over $622,000 in earnings for the fiscal year ended Sept. 30, 1984.

The corporation changed its fiscal year to a calendar year in 1985.

In year-to-year comparisons, the corporation almost quintupled its size with the purchase of two banks, raising its total assets at year-end to $278 million from $56.8 million a year earlier.

Calling the company's expansion "aggressive but controlled," John B. Joseph, Centennial's chairman, said that the company will fortify its position this year.

Last June, the company purchased Sunwest Bank in Tustin. Last December, its 82% majority-owned subsidiary, Sacramento First National Bank, acquired Sacramento Valley Bank.

Other wholly owned subsidiaries are Centennial Beneficial Mortgage Co. in Orange and North Orange County Bancorp, a Brea company that owns Heritage Thrift & Loan Assn. and Chancellor Financial Services Inc. Centennial also is one of three general partners in Centennial Mortgage Income Fund, a mortgage investment firm.

Because of the acquisitions, Centennial's total loans last year jumped to $190.3 million, nearly six times the $34 million in total loans the previous year. Total deposits climbed more than 10 times to $234 million from $23 million.

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