Center Financial Corporation's CEO to Step Down.

Board Establishes CEO Selection Committee

LOS ANGELES -- Center Financial Corporation (NASDAQ:CLFC), the holding company of Center Bank, today announced that President and Chief Executive Officer (Paul) Seon-Hong Kim, 62, will not seek renewal of his employment contract, which will expire August 31, 2007, and has agreed to step down upon the appointment of a new chief executive officer. The board of directors has established a CEO Selection Committee to develop a succession plan in order to effect a smooth leadership transition and has engaged the firm of Chrisman & Company, Inc. to advise the company in the selection of a new executive.

"It has been my honor to serve as president and chief executive officer of Center Financial Corporation and Center Bank over the past eight years," said Kim. "I credit the achievements that Center Bank has made during my tenure to the dedicated efforts of each and every member of the Center Bank team, as well as to the guidance of the board of directors. While it is sad to think of leaving the company and the day-to-day collaboration with my colleagues, I firmly believe that it is the prudent step to take at this time to attract the right leadership for the continued growth and development of our organization."

Chairman of the Board of Directors Peter YS Kim said, "On behalf of the company, shareholders and employees, I want to thank Paul for his leadership and service over the past eight years. We appreciate Paul's dedication to the company, his willingness to participate in the CEO Selection Committee and his commitment to continue in his current position until the board is able to appoint a new chief executive officer in order to effect a smooth transition."

David Z. Hong, a founding director who currently serves as the chairman of the Audit Committee, will chair the CEO Selection Committee.

Investor Conference Call

The company will host an investor conference call at 11:00 a.m. EDT (8:00 a.m. PDT) on Thursday, October 26, 2006 to review the financial results for its 2006 third quarter and nine months. The call will be open to all interested investors through a live, listen-only audio Web broadcast via the Internet at www.centerbank.com and www.earnings.com. For those who are not available to listen to the live broadcast, the call will be archived for one year at both Web sites. A telephonic playback of the conference call also will be available through 8:00 p.m. EST, Thursday, November 2, by calling 888-286-8010 (domestic) or 617-801-6888 (international) and using passcode 12025286.

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 largest financial institutions focusing on the Korean-American community, with total assets of $1.6 billion at June 30, 2006. Headquartered in Los Angeles, Center Bank operates 26 branch and loan production offices across the nation. Of the company's 17 full-service branches, 15 are located throughout Southern California, along with one branch each in Chicago and Seattle. Center Bank's nine loan production offices are strategically located in Phoenix, Seattle, Denver, Washington D.C., Las Vegas, Atlanta, Honolulu, Houston and Dallas. 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 may contain forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and accordingly, the cautionary statements contained in Center Financial Corporation's Annual Report on amended Form 10-K for the fiscal year ended December 31, 2005 (See Business, and Management's Discussion and Analysis), and other filings with the Securities and Exchange Commission (SEC) are incorporated herein by reference. These factors include, but are not limited to: competition in the financial services market for both deposits and loans; the ability of Center Financial and its subsidiaries to increase its customer base; and regional and general economic conditions. 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. 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.