LOS ANGELES--(BUSINESS WIRE)--
The Consolidation Committee, consisting of directors from Nara Bancorp,
Inc. (NASDAQ: NARA) and Center Financial Corporation (NASDAQ: CLFC),
today issued the following comment regarding the departure of Jae Whan
Yoo, former President and Chief Executive Officer of Center Financial
Corporation:
“Mr. Yoo’s departure will not negatively impact our integration process
for Nara Bancorp and Center Financial Corporation, and we remain
committed to successfully completing the proposed merger. The two banks
have a wealth of talented and experienced bankers that we believe will
result in the strongest and deepest management team of any
Korean-American bank in the country. We are in the process of finalizing
the senior management team for the combined company, which we expect to
submit for regulatory approval in the near future. We look forward to
becoming the preeminent Korean-American bank in the country with the
ability to provide the most rewarding experience for customers,
employees and shareholders.”
The merger between Nara Bancorp and Center Financial is subject to
regulatory approval, the approval of the shareholders of both companies,
and other customary closing conditions. The transaction is expected to
close during the second half of 2011.
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, forming 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, which was founded
in 1989. Nara Bank is a full-service community bank headquartered in Los
Angeles, with 23 branches and one loan production office in the United
States. Nara Bank operates full-service branches in California, New York
and New Jersey, and a loan production office in Texas. Nara Bank was
founded specifically to serve the needs of Korean-Americans. 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 an 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.
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 $2.27 billion at
September 30, 2010. Headquartered in Los Angeles, Center Bank operates a
total of 22 full-service branches and two loan production office. The
company has 16 full-service branches located throughout Southern
California and three 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.
Additional Information and Where to Find It
In connection with the proposed merger, Nara Bancorp, Inc. will file
with the SEC a Registration Statement on Form S-4 that will include a
Joint Proxy Statement/Prospectus of Center Financial Corporation and
Nara Bancorp, as well as other relevant documents concerning the
proposed transaction. Shareholders are urged to read the Registration
Statement and the Joint Proxy Statement/Prospectus regarding the merger
when it becomes available and any other relevant documents filed with
the Securities and Exchange Commission (“SEC”), as well as any
amendments or supplements to those documents, because they will contain
important information. You will be able to obtain a free copy of the
Joint Proxy Statement/Prospectus, as well as other filings containing
information about Nara Bancorp and Center Financial at the SEC’s
Internet site (www.sec.gov).
You will also be able to obtain these documents, free of charge, from
Nara at www.narabank.com
under the tab “Investor Relations” and then under the heading “SEC
Filings” or from Center Financial at www.centerbank.com
under the tab “Investor Relations” and then under the heading “SEC
Filings.”
Participants in Solicitation
Nara Bancorp, Center Financial and their respective directors, executive
officers, management and employees may be deemed to be participants in
the solicitation of proxies in respect of the merger. Information
concerning Nara Bancorp’s participants is set forth in the proxy
statement, dated May 24, 2010, for Nara Bancorp’s 2010 annual meeting of
stockholders as filed with the SEC on Schedule 14A. Information
concerning Center Financial’s participants is set forth in the proxy
statement, dated April 30, 2010, for Center Financial’s 2010 annual
meeting of stockholders as filed with the SEC on Schedule 14A.
Additional information regarding the interests of participants of Nara
Bancorp and Center Financial in the solicitation of proxies in respect
of the merger will be included in the registration statement and joint
proxy statement/prospectus to be filed with the SEC.
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, the approval of
the shareholders of both Nara Bancorp and Center Financial, and other
customary 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, 2009, as amended, and Center Financial’s Form 10-K for the
year ended December 31, 2009, as amended, 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.
Source: Nara Bancorp
Contact:
For Nara Bancorp:
Tony Rossi, Investor Relations
310-478-2700
x13
trossi@finprofiles.com
or
For
Center Financial Corporation:
Angie Yang, SVP, Investor Relations
213-251-2219
/ 213-422-1390
angiey@centerbank.com