Centennial Bank Holdings, Inc. Announces Completion of Merger of Bank Subsidiaries

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| Source: Guaranty Bancorp

DENVER, Jan. 2, 2008 (PRIME NEWSWIRE) -- Centennial Bank Holdings, Inc. (Nasdaq:CBHI) today announced that on January 1, 2008, it completed its previously announced merger of its two wholly-owned bank subsidiaries, Centennial Bank of the West and Guaranty Bank and Trust Company. As a result, Centennial Bank Holdings now has a single bank subsidiary, Guaranty Bank and Trust Company.

Both banks will operate separately until the close of business on February 15, 2008. At that time, the signage on the Centennial Bank of the West branches will change to Guaranty Bank and Trust Company and customers of both banks will have access to the merged Guaranty Bank's 36 branch network throughout the Colorado Front Range.

About Centennial Bank Holdings, Inc.

Centennial Bank Holdings, Inc. is a bank holding company that operates 36 branches in Colorado through a single bank subsidiary, Guaranty Bank and Trust Company. The bank provides banking and other financial services including real estate, construction, commercial and industrial, energy, consumer and agricultural loans throughout its targeted Colorado markets to consumers and small to medium-sized businesses, including the owners and employees of those businesses. The bank also provides trust services, including personal trust administration, estate settlement, investment management accounts and self-directed IRAs. More information about Centennial Bank Holdings, Inc. can be found at www.cbhi.com.

Centennial Bank Holdings, Inc.
Zsolt Bessko 
303-312-3178