1st Centennial Bancorp, formerly Centennial First Financial Services, is a bank holding company that operates primarily for the purpose of holding the stock of 1st Centennial Bank (the Bank). The Companys only other subsidiary is Centennial Capital Trust I, which was formed, in July 2002, solely to facilitate the issuance of capital trust pass-through securities. 1st Centennial had total assets of $207.8 million and total deposits of $183.2 million as of December 31, 2002. The Company acquired 100% of the outstanding shares of 1st Centennial Bank (formerly Redlands Centennial Bank) in December 1999. In August 2001, the Company acquired Palomar Community Bank in Escondido, California. Palomar Community Bank was formerly a savings and loan association that converted to a state-chartered commercial bank in November 1999. In May 2002, Palomar Community Bank was merged into the Bank.