Nara Bancorp and Center Financial Announce Merger

Nara Bancorp, Inc. NARA and Center Financial Corporation CLFC announced jointly today that they have entered into a definitive agreement to merge, forming the largest 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. Under the terms of the merger agreement, Center Financial shareholders will receive a fixed ratio of 0.7804 of a share of Nara Bancorp common stock in exchange for each share of Center Financial common stock they own in a stock-for-stock transaction valued at approximately $285.7 million. Based on the closing price on December 8, 2010, this represents $7.16 per Center Financial share. Nara Bancorp shareholders will own 55% of the combined company and Center Financial shareholders will own 45%.