Nara Bancorp, Inc. (NASDAQ: NARA) and Center Financial
Corporation (NASDAQ: CLFC) today announced plans for the strategic
consolidation of three Southern California branches, to be
implemented on completion of the proposed merger. In addition,
Center Financial announced the planned consolidation of its Oakland
Chinatown Branch on July 31, 2011.
Nara Bancorp’s President and Chief Executive Officer Alvin D.
Kang, who will serve in the same capacity of the combined company,
said, “The planned consolidation of the Southern California
branches is based on a comprehensive evaluation of geographically
overlapping facilities. We placed the greatest emphasis on our
collective customers’ convenience and accessibility. Other
considerations included space capacity, cost efficiencies and
remaining lease terms. Considering the total combined network of 45
branches, the planned consolidations exemplify the complementary
nature of our combination.
“We are pleased with the ongoing progress that the boards and
management teams of Center and Nara continue to make in preparation
for the pending merger. We are focused on how we can better serve
our customers and communities as the preeminent Korean American
bank in the United States,” said Kang.
The planned consolidations include:
- Nara’s Downtown Branch will be
consolidated into three geographically adjacent branches located
within half a mile’s distance in the fashion garment district,
including Nara’s Stanford Branch and Center’s Downtown Branch and
San Pedro Branch.
- Nara’s Garden Grove Branch will be
consolidated into Center’s Garden Grove Branch located within half
a mile’s distance.
- Nara’s Gardena Branch will be
consolidated into Center’s Gardena Branch located within a mile’s
distance.
- In addition, Center plans to
consolidate its Oakland Chinatown Branch at the end of July 2011
with Center’s Oakland Main Branch located within half a mile’s
distance. This is a former Innovative Bank branch whose lease is
expiring.
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.
The merger is subject to regulatory approval, the approval of
the shareholders of both companies, and other closing conditions.
The transaction is expected to close during the second half of
2011
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 $2.26 billion at March 31, 2011. Headquartered
in Los Angeles, Center Bank operates 22 full-service branches and
two loan production offices. 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. has
filed with the SEC a Registration Statement on Form S-4 that
includes a Joint Proxy Statement/Prospectus of Center Financial
Corporation and Nara Bancorp, as well as other relevant documents
concerning the proposed transaction. The Registration Statement is
currently under review by the Securities and Exchange Commission
(“SEC”) and has not been declared effective as yet. Shareholders
are urged to read the Registration Statement and the Joint Proxy
Statement/Prospectus regarding the merger and any other relevant
documents filed with the SEC, as well as any amendments or
supplements to those documents, because they contain important
information. You may 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 may also obtain these documents,
free of charge, from Nara at www.narabank.com 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 these participants and their
interests in the solicitation of proxies in respect of the merger
is included in the registration statement and joint proxy
statement/prospectus referred to above that has been filed with the
SEC by Nara Bancorp.
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 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.
Center Financial Corporation (MM) (NASDAQ:CLFC)
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Center Financial Corporation (MM) (NASDAQ:CLFC)
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