Nara Bancorp, Inc. (NASDAQ:NARA) and Center Financial
Corporation (NASDAQ:CLFC) announced jointly today the executive
management team that will lead the combined company upon the
completion of the planned merger. As previously announced, Alvin
Kang, President and Chief Executive Officer of Nara Bancorp, will
be Chief Executive Officer of the combined company.
Other members of the executive management team will be as
follows (detailed biographical information on each executive is
provided below):
Bonnie Lee – Executive Vice President and Chief Operating
Officer
Lisa Kim Pai – Executive Vice President and Chief Legal
and HR Officer
Phil Guldeman – Executive Vice President and Chief
Financial Officer
Jason Kim – Executive Vice President and Chief Lending
Officer
Mark Lee – Executive Vice President and Chief Credit
Officer
Sook Kyong Goo – Executive Vice President and Chief
Operations Administrator
Myung Hee Hyun – Executive Vice President and Chief
Deposit Officer
Kyu Kim – Executive Vice President and Chief Banking
Officer (Eastern Region)
Chang Hwi Kim, a director of Center Financial and the chairman
of the Consolidation Committee overseeing the integration planning
for the proposed merger, commented, “We are very pleased to
announce the executive management team that will lead our combined
company. The executive management team has the full support of the
board of directors of both Nara Bancorp and Center Financial. The
combined company will have a deep and experienced team of senior
bankers to lead our nationwide operations, which we believe will
give us a strong competitive advantage in the marketplace.”
Al Kang, President and Chief Executive Officer of Nara Bancorp,
said, “The executive management team we have assembled truly
represents a blending of the best talent from both Center and Nara.
The entire team is excited about the opportunities we will have to
better serve our customers and communities as the largest and
strongest bank serving the Korean-American market across the United
States.”
The merger between Nara Bancorp and Center Financial 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.
Biographical Information
Alvin Kang – Mr. Kang has more than 40 years of
experience in the financial services industry. Mr. Kang was
appointed President and Chief Executive Officer of Nara Bancorp in
January 2010 after having served as Chief Financial Officer and a
member of the Office of the President since 2005 and 2006,
respectively. Prior to joining Nara Bancorp, Mr. Kang served as
Executive Vice President, Chief Operating Officer and Chief
Financial Officer for Broadway Federal Bank and Chief Financial
Officer of Broadway Financial Corporation from 2001 to July 2005.
Mr. Kang has also held a senior position at Takenaka and Company,
an investment banking and consulting firm, and has served as an
audit partner at KPMG LLP and at Ernst & Young LLP. Mr. Kang
retired from KPMG LLP after 26 years of service, during which time
he served as lead partner of the Asian Business Group and as lead
partner on audits of major financial institutions in Los
Angeles.
Bonnie Lee – Ms. Lee has served as the Executive Vice
President and Chief Operating Officer of Nara Bancorp since March
2009. Ms. Lee returned to Nara Bancorp in March 2009 after a brief
tenure as Regional President of the Western Region of a Korean
financial services company. Prior to her departure, Ms. Lee worked
at Nara Bancorp for 15 years, including several years as Executive
Vice President and Chief Credit Officer. She also served as a
member of the Office of the President from March 2006 through
September 2008 and she currently serves as a member since she
returned to Nara Bancorp in March 2009. During her tenure at Nara
Bancorp, Ms. Lee managed integration projects for numerous
acquisition transactions. Prior to joining Nara Bancorp, Ms. Lee
held various lending positions with California Center Bank in Los
Angeles from 1989 to 1993.
Lisa Kim Pai – Ms. Pai joined Center Financial
Corporation in February 2007 and serves as Executive Vice
President, General Counsel, Chief Risk Officer and Corporate
Secretary. She has more than 20 years of experience in the legal
profession, primarily serving as General Counsel and Corporate
Secretary for leading financial institutions focused on the
Korean-American community. From 1994 to 2004, Ms. Pai was Senior
Vice President, General Counsel and Corporate Secretary at Pacific
Union Bank, where she assisted in the bank’s termination of a
BSA-related C&D Order, oversaw the company’s initial public
offering and managed the due diligence process for the acquisition
of Pacific Union by Hanmi Financial Corp. After the acquisition,
Ms. Pai joined the Hanmi management team in the same capacity and
successfully directed the post-merger integration of the legal
staff and functions. Most recently, she served as acting General
Counsel and Corporate Secretary of Nara Bancorp from June 2005 to
October 2006.
Phil Guldeman – Mr. Guldeman was appointed Executive Vice
President and Chief Financial Officer of Nara Bancorp in December
2010. Mr. Guldeman has more than 30 years of financial management
experience in the banking industry. Mr. Guldeman was associated
with KPMG from 1976 to 1988 where he served as Partner in charge of
the firm’s Western Regional Financial Institution Management
Consulting practice. He served as Executive Vice President and
Chief Financial Officer of Mercantile National Bank, in Los
Angeles, California, from 1989-1992. Since 1992, Mr. Guldeman has
been a consultant providing management information and other
consulting services to banks, thrift institutions, credit unions
and banking industry service providers, including serving as
Executive Vice President and Chief Financial Officer at various
banks.
Jason Kim – Mr. Kim has served as Chief Credit Officer of
Center Bank since April 2007 and was promoted to Executive Vice
President in December 2010. A 20-year veteran of the company, he
previously served as Senior Vice President and Manager of Center
Bank’s SBA Department since 1991. Under his tenure, Center Bank’s
SBA Department maintained the highest asset quality among more than
800 lenders across the nation, contributing to the company’s
receipt of the “Lender of the Year Award” by the U.S. Small
Business Administration (SBA) in 2006. Recognized for his expertise
in SBA products and his conservative lending practices, Mr. Kim was
one of 10 national lenders invited to participate in a special
advisory session in January 2007 with the chief administrator of
the SBA discussing current issues and trends in the commercial
lending market.
Mark Lee – Mr. Lee has served as Executive Vice President
and Chief Credit Officer of Nara Bancorp since May 2009. In January
2010, Mr. Lee was made part of the Office of the President under
the direction of the President and CEO, Alvin D. Kang. Prior to
joining the Company, Mr. Lee served as Senior Vice President and
Deputy Chief Credit Officer at East West Bank from May 2007 to
April 2009, and Manager of Commercial Business Credit from May 2002
to April 2007. Prior to his work at East West Bank, Mr. Lee served
in various lending and credit capacities starting in 1990, at
California Bank and Trust, Center Bank and Sanwa Bank.
Sook Kyong Goo – Ms. Goo has served as Chief Operations
Officer of Center Bank since August 2007 and was promoted to
Executive Vice President in January 2011. She has more than two
decades of experience in banking operations. Ms. Goo previously
served as Senior Vice President and Chief Operations Officer of
Hanmi Bank, where she oversaw all operations functions of the
company. She was also instrumental in the merger process during
Hanmi’s acquisition of Pacific Union Bank in 2004, where she was
previously employed since 1990. While at Pacific Union, she held
various banking operations positions of increasing responsibility,
lastly holding the title of Vice President and Senior Operations
Officer. At Pacific Union, she oversaw all deposit and branch
operations, while managing special project initiatives.
Myung Hee Hyun – Ms. Hyun has served as the Executive
Vice President and Chief Operations Administrator of Nara Bancorp
since May 2010. In May 2010, Ms. Hyun was made part of the Office
of the President under the direction of the President and CEO,
Alvin D. Kang. Prior to rejoining Nara Bancorp, she served as
Senior Vice President and Chief Operations Administrator of Shinhan
Bank America from December 2008 to April 2010. She served as the
Senior Vice President and Chief Operations Administrator of Nara
Bancorp from April 2005 to November 2008. She served Nara Bancorp
as the Senior Vice President and Senior Operations Administrator
from May 1998 to April 2005 and Operations Administrator from
September 1995 to May 1998. During her tenure at Nara Bancorp, Ms.
Hyun managed the system conversion projects for numerous
acquisition transactions. Prior to joining Nara Bancorp, Ms. Hyun
held various operations and personal banking positions at Hanmi
Bank from 1982 to 1995.
Kyu Kim – Ms. Kim has served as the Executive Vice
President and Eastern Regional Manager for Nara Bancorp since April
2008. In January 2010, Ms. Kim was made part of the Office of the
President under the direction of the President and CEO, Alvin D.
Kang. She also served as the Senior Vice President and Eastern
Regional Manager from October 2005 until March 2008. Prior to her
promotion to Eastern Regional Manager, she served as the Deputy
Regional Manager from July 2003 to September 2005. Ms. Kim also
served as the Manhattan Branch Manager from February 2000 to
September 2005 and Flushing Branch Manager from September 1998 to
February 2000. Prior to joining the Bank, Ms. Kim was Vice
President and Chief Credit Officer at Foster Bank in Chicago from
March 1990 to September 1997.
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, 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 December 31, 2010.
Headquartered in Los Angeles, Center Bank operates a total of 24
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. For
additional information on Center Bank, visit the company’s Web site
at www.centerbank.com.
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 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.
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