$13.9 Million Due on Note, FDIC Tells Centennial Group

Centennial Group Inc., an Orange-based real estate developer, said the Federal Deposit Insurance Corp. told the company that $13.9 million in principal and interest on a note owed by Centennial is “due and payable.”

Centennial said that it does not have the cash to repay the note but that the FDIC had agreed to negotiate a possible extension or modification. The note is owed to Bell Savings & Loan, a Northern California thrift seized by federal regulators in 1988, a Centennial spokesman said in an interview Monday.