LOS ANGELES--(BUSINESS WIRE)--
Nara Bancorp, Inc. (NASDAQ: NARA) and Center Financial Corporation
(NASDAQ: CLFC) today announced the receipt of regulatory approval for
the planned merger of the two companies from the California Department
of Financial Institutions (DFI) and the Federal Reserve Bank of San
Francisco (FRBSF). The last remaining regulatory approval is expected to
be received from the Federal Deposit Insurance Corporation (FDIC) in the
coming days.
“The receipt of regulatory approvals from the DFI and FRBSF represents
another major step in closing the merger of Nara Bancorp with Center
Financial Corporation,” said Alvin D. Kang, President and Chief
Executive Officer of Nara Bancorp and the future President and Chief
Executive Officer of the combined company. “We look forward to receiving
approval from the FDIC in the coming days and completing the merger by
the end of this month.”
The completion of the merger is subject to regulatory approval from the
Federal Deposit Insurance Corporation and the satisfaction or waiver of
other customary closing conditions.
About the Nara Bancorp and Center Financial Merger of Equals
On December 9, 2010, Nara Bancorp and Center Financial announced the
signing of a definitive agreement to merge, a transaction that will form
the largest and strongest Korean American bank in the United States. The
combined company will be the only Korean American bank with a national
presence, with more than 40 branches in Southern California, Northern
California, New York, New Jersey, Seattle and Chicago.
About Nara Bancorp
Nara Bancorp, Inc. is the parent company of Nara Bank, a full-service
community bank headquartered in Los Angeles with $3.02 billion in assets
as of September 30, 2011. Nara Bank operates 23 full-service branches in
California, New York and New Jersey, and a loan production office in
Texas. Founded in 1989 specifically to serve the needs of Korean
Americans, Nara Bank now serves a diverse group of customers mirroring
its communities. Nara Bank specializes in core business banking products
for small and medium-sized companies, with an emphasis in commercial
real estate and business lending, SBA lending and international trade
financing. Nara Bank is a member of the Federal Reserve System and its
deposits are insured by the FDIC. Nara Bank is an Equal Opportunity
Lender.
About Center Financial Corporation
Center Financial Corporation is the holding company of Center Bank, a
community bank offering a full range of financial services for diverse
ethnic and small business customers. Founded in 1986 and specializing in
commercial and SBA loans and trade finance products, Center Bank has
grown to be one of the nation’s leading financial institutions focusing
on the Korean American community, with total assets of $2.26 billion at
September 30, 2011. Headquartered in Los Angeles, Center Bank operates a
total of 21 full-service branches and two loan production offices. The
company has 16 full-service branches located throughout Southern
California and two branches in Northern California. Center Bank also
operates two branches and one loan production office in the Seattle
area, one branch in Chicago and a loan production office in Denver.
Center Bank is a California state-chartered institution and its deposits
are insured by the FDIC to the extent provided by law.
Forward-Looking Statements
This press release contains statements regarding the proposed
transaction between Nara Bancorp and Center Financial, the expected
timetable for completing the transaction, future financial and operating
results, benefits and synergies of the proposed transaction and other
statements about the future expectations, beliefs, goals, plans or
prospects of the management of each of Nara Bancorp and Center
Financial. These statements are based on current expectations,
estimates, forecasts and projections and management assumptions about
the future performance of each of Nara Bancorp and Center Financial and
the combined company, as well as the businesses and markets in which
they do and are expected to operate. These statements constitute
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Words such as “expects,”
“believes,” “estimates,” “anticipates,” “targets,” “goals,” “projects,”
“intends,” “plans, “seeks,” and variations of such words and similar
expressions are intended to identify such forward-looking statements
which are not statements of historical fact. These forward-looking
statements are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to assess.
Actual outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements. The closing of the
proposed transaction is subject to regulatory approval, and other
closing conditions. There is no assurance that such conditions will be
met or that the proposed transaction will be consummated within expected
time frame, or at all. If the transaction is consummated, factors that
may cause actual outcomes to differ from what is expressed or forecasted
in these forward-looking statements include, among things: difficulties
and delays in integrating Nara Bancorp and Center Financial and
achieving anticipated synergies, cost savings and other benefits from
the transaction; higher than anticipated transaction costs; deposit
attrition, operating costs, customer loss and business disruption
following the merger, including difficulties in maintaining
relationships with employees, may be greater than expected; required
governmental approvals of the merger may not be obtained on its proposed
terms and schedule, or without regulatory constraints that may limit
growth; competitive pressures among depository and other financial
institutions may increase significantly and have an effect on revenues;
the strength of the United States economy in general, and of the local
economies in which the combined company will operate, may be different
than expected, which could result in, among other things, a
deterioration in credit quality or a reduced demand for credit and have
a negative effect on the combined company’s loan portfolio and allowance
for loan losses; changes in the U.S. legal and regulatory framework; and
adverse conditions in the stock market, the public debt market and other
capital markets (including changes in interest rate conditions) which
would negatively affect the combined company’s business and operating
results.
For a more complete list and description of such risks and
uncertainties, refer to Nara Bancorp’s Form 10-K for the year ended
December 31, 2010, and Center Financial’s Form 10-K for the year ended
December 31, 2010, as well as other filings made by Nara Bancorp and
Center Financial with the SEC. Except as required under the U.S. federal
securities laws and the rules and regulations of the SEC, Nara Bancorp
and Center Financial disclaim any intention or obligation to update any
forward-looking statements after the distribution of this press release,
whether as a result of new information, future events, developments,
changes in assumptions or otherwise.
For Nara Bancorp:
Tony Rossi, 310-478-2700x13
Investor
Relations
trossi@finprofiles.com
or
For
Center Financial Corporation:
Angie Yang, 213-251-2219 /
213-422-1390
SVP, Investor Relations
angiey@centerbank.com
Source: Nara Bancorp, Inc.