LOS ANGELES--(BUSINESS WIRE)--
Nara Bancorp, Inc. (NASDAQ: NARA), the holding company of Nara Bank,
announced today that its Board of Directors has suspended the Company's
quarterly common stock dividend.
"Given the economic downturn and the impact it has had on our level of
profitability, the Board determined that it was inappropriate to
continue paying a dividend at this time," said Min Kim, President and
Chief Executive Officer of Nara Bancorp. "This decision will help us to
preserve capital and provide the Bank with increased flexibility to
continue investing in our business in ways that we believe will create
value for our shareholders. As economic conditions improve, the Board of
Directors will consider reinstating a common stock dividend."
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 5 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, and New Jersey. 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 and management, 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 Nara Bancorp's
operations, markets, products, services and pricing. Readers should
carefully review the risk factors and the information that could
materially affect Nara Bancorp'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 risk 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. Nara
Bancorp undertakes no obligation to revise or publicly release the
results of any revisions to these forward-looking statements.
Source: Nara Bancorp, Inc.
Contact: Investors and Financial Media:
Financial Relations Board
Tony Rossi
213-486-6545