The Federal Home Loan Bank Board announced that Centennial's assets will be liquidated and its insured deposits at five Northern California branch offices transferred to Citizens Federal Savings & Loan, which is based in Miami. Centennial, based in Guerneville north of San Francisco, has $209 million in assets. Savings and loan regulators took over the institution in August, 1985, and ousted the former management. Regulators said the financial institution was growing far too rapidly, using unstable deposits to fund high-risk, poor-quality investments.
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