California Center Bank Terminates Letter of Intent.Business Editors LOS ANGELES--(BUSINESS WIRE)--June 22, 2001 The board of directors of California Center Bank, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , today announced that California Center Bank has unilaterally u·ni·lat·er·al adj. 1. Of, on, relating to, involving, or affecting only one side: "a unilateral advantage in defense" New Republic. 2. terminated the letter of intent entered into on May 3, 2001, regarding purchase of California Center Bank by Hanmi Financial Corp. and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Hanmi Bank, Los Angeles, effective June 22, 2001. The letter of intent was terminated by California Center Bank due to the fact that Hanmi Financial Corp. materially modified the proposal set forth in the letter of intent. California Center Bank will continue to operate as an independent community bank that services the communities. California Center Bank continues to perform consistent with its 2001 financial projections. In April 2001, California Center Bank announced excellent first-quarter earnings. The bank surpassed $500 million in total assets during June 2001. The bank will release the second-quarter financial information during the second week of July 2001. During the second quarter 2001, the bank relocated its headquarters to the mid-Wilshire area and opened four low-cost small-sized branches in mid-Wilshire, Torrance, Cerritos and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . The new branches principally serve residential and small-business customers in the vicinity. In less than a month of operations, the new branches have raised $6 million in total deposits of which approximately 33.9% are non-interest bearing. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The bank wishes to take advantage of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 as to "forward-looking" statements in this release that are not historical facts. The bank's actual results may differ materially from those included in the forward-looking statements. |
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