Center Financial Announces Lifting of Holding Company MOU
28 10월 2011 - 5:01AM
Business Wire
Center Financial Corporation (NASDAQ: CLFC) today announced the
termination of the informal memorandum of understanding (MOU) dated
December 9, 2009 by and between the holding company and the Federal
Reserve Bank of San Francisco. The termination, effective October
26, 2011, follows the lifting of the Center Bank MOU with the
Federal Deposit Insurance Corporation and California Department of
Financial Institutions, which was previously announced on September
14, 2011.
“After seven quarters of achieving steady and consistent
improvements in the overall condition of Center Bank, it is
certainly gratifying to be free of all regulatory agreements,” said
Richard S. Cupp, president and chief executive officer. “These
achievements could not have been made without the dedication and
commitment of each and every member of the Center Bank team, and I
applaud and congratulate them. With this additional step forward,
we move closer and closer toward combining with our partner Nara
Bancorp later this quarter.”
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. For
additional information on Center Bank, visit the company’s Web site
at www.centerbank.com.
This release contains forward-looking statements, which are
included in accordance with the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995. The
forward-looking statements are not guarantees of future performance
and involve significant risks and uncertainties, and actual results
and performance in future periods may be materially different from
any future results or performance suggested by the forward-looking
statements in this release. Factors that might cause such
differences include, but are not limited to, those identified in
our cautionary statements contained in Center Financial Corp.’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2010, as amended (See Business, and Management’s Discussion and
Analysis), and other filings with the SEC are incorporated herein
by reference. Factors include, but are not limited to: the
successful completion of the proposed merger of equals between
Center Financial Corporation and Nara Bancorp; difficulties and
delays in integrating the two institutions 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; the companies’ ability to receive
required regulatory approvals. Such forward-looking statements
speak only as of the date of this release. Center Financial
expressly disclaims any obligation to update or revise any
forward-looking statements found herein to reflect any changes in
the company’s expectations of results or any change in events.
Center Financial Corporation (MM) (NASDAQ:CLFC)
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Center Financial Corporation (MM) (NASDAQ:CLFC)
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