1. The document discusses the CenTrust Bank scandal where the bank became embroiled in risky junk bond investments in the 1980s and suffered major losses as a result.
2. It describes how CenTrust reported a $119.5 million loss for the 1989 fiscal year after writing down the value of its junk bond holdings and reserving for further losses.
3. Due to its equity shortage of $283 million, CenTrust had to sell most of its branches in an attempt to raise capital and recover from the scandal.