LOS ANGELES--(BUSINESS WIRE)--
Nara Bancorp, Inc. (NASDAQ:NARA) today announced that it has completed
its $67 million capital addition as a participant in the U.S. Department
of Treasury's Capital Purchase Program (CPP).
On November 21, 2008, Nara received an investment of $67 million from
the U.S. Treasury in exchange for 67,000 shares of preferred stock and a
warrant to purchase up to 1,042,531 shares of Nara's common stock at an
exercise price of $9.64.
Min Kim, Chief Executive Officer of Nara Bancorp, said, "We are pleased
to complete this capital addition, which will further strengthen our
financial position and increase our ability to fund attractive lending
opportunities."
The following table summarizes the effect that the CPP investment has on
the Company's capital ratios:
Pre-CPP Investment Post-CPP Investment
9/30/2008 9/30/2008 (pro forma)
Leverage Capital Ratio 10.42% 13.07%
Tier One Risk-Based Capital Ratio 11.84% 14.85%
Total Risk-Based Capital Ratio 13.08% 16.08%
A summary of the Capital Purchase Program, including the terms of the
preferred stock and warrant issued by Nara Bancorp, can be found on the
Treasury's website at www.ustreas.gov/initiatives/eesa.
About Nara Bancorp, Inc.
Nara Bancorp, Inc. is the parent company of Nara Bank, which was founded
in 1989. Nara Bank is a full-service community bank headquartered in Los
Angeles, with 21 branches and 6 loan production offices in the United
States. Nara Bank operates full-service branches in California, New York
and New Jersey, with loan production offices in California, Nevada,
Texas, Georgia, New Jersey, and Virginia. Nara Bank was founded
specifically to serve the needs of Korean-Americans, one of the
fastest-growing Asian ethnic communities over the past decade.
Presently, Nara Bank serves a diverse group of customers mirroring its
communities. Nara Bank specializes in core business banking products for
small and medium-sized companies, with emphasis in commercial real
estate and business lending, SBA lending and international trade
financing. Nara Bank is a member of the FDIC and is an Equal Opportunity
Lender. For more information on Nara Bank, visit our website at www.narabank.com.
Nara Bancorp, Inc. stock is listed on NASDAQ under the symbol "NARA."
Forward-Looking Statements
This press release contains forward-looking statements including
statements about future operations that are subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied by such forward looking statements,
including, but not limited to economic, competitive, governmental and
technological factors affecting the Company's operations, markets,
products, services, and pricing. Readers should carefully review the
risk factors and the information that could materially affect the
Company's financial results and business, described in documents the
Company files from time to time with the Securities and Exchange
Commission, including its quarterly reports on Form 10-Q and Annual
Reports on Form 10-K, and particularly the discussion of business
considerations and certain factors that may affect results of operations
and stock price set forth therein. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company undertakes no obligation
to revise or publicly release the results of any revision to these
forward-looking statements.
Source: Nara Bancorp, Inc.
Contact: Investors and Financial Media:
Financial Relations Board
Tony Rossi, 213-486-6545