Centennial Beneficial Acquires Sacramento Bank

Centennial Beneficial Corp. of Orange, which founded a Sacramento bank in 1984 and bought a Tustin bank last March, has completed a third bank acquisition, purchasing the four-branch Sacramento Valley Bank from Central Pacific Corp. of Bakersfield for $5.7 million.

Centennial merged Sacramento Valley into its Sacramento First National Bank, an 80% owned subsidiary.

The acquisition boosted Centennial’s assets to $269.7 million from nearly $57 million at the start of 1985, said John B. Joseph, Centennial’s chairman. Last June, Centennial acquired Sunwest Bank of Tustin for $10.75 million. It also owns Centennial Beneficial Mortgage Co. and Heritage Thrift & Loan Assn.