Center Financial Corporation Names Jae Whan Yoo to Succeed Paul Kim as CEO.

LOS ANGELES -- The board of directors of Center Financial Corporation (NASDAQ:CLFC) today announced the appointment of Jae Whan (J.W.) Yoo to succeed (Paul) Seon-Hong Kim as president and chief executive officer of the company and its wholly-owned subsidiary, Center Bank, effective January 16, 2007. The company previously announced Kim's intention not to seek renewal of his employment contract and agreement to step down upon the board's appointment of his successor.

Yoo, 57, will join Center Financial with three decades of experience in the banking industry. From July 2003 to December 2004, Yoo served as president, chief executive officer and a member of the board of directors of Hanmi Financial Corporation (NASDAQ: HAFC), where he executed the successful acquisition and integration of Pacific Union Bank. During his tenure at Hanmi, Yoo is also credited with achieving outstanding financial performance, as well as more than tripling the bank's market capitalization, in part, through his efforts to increase the Bank's visibility in the investment community. He began his career at Bank of America in 1976 and progressively rose to positions of higher responsibilities in both the Seoul branch and the New York corporate office, before leaving the company in 1991 as vice president and group manager of the Seoul branch. Yoo then joined Korea Citibank (formerly KorAm Bank) from 1991 to June 2003, serving in various roles of increasing responsibilities, most recently as executive vice president. Yoo earned his B.A. in international economics and his M.B.A., both from Seoul National University in Seoul, Korea.

"It truly has been rewarding for me to lead Center Financial Corporation and Center Bank over the past nine years, and I thank all of my colleagues for their dedicated efforts," Kim said. "While I will dearly miss these times, I am confident that I am entrusting leadership of the bank in the hands of a most qualified colleague. J.W. not only joins the company with outstanding credentials, but has already proven his capabilities through his tenure at Hanmi. I look forward to seeing continued growth and development of Center Bank through his leadership."

Chairman of the Board of Directors Peter YS Kim said, "Paul has been instrumental in building Center Bank from total assets of $271 million when he joined the company in 1998 to $1.8 billion as of September 30, 2006. We thank him for his leadership and service as the longest standing CEO in the Bank's history and wish him all the best in his future endeavors."

"I am honored to assume the leadership role at one of the best performing banks in the nation," Yoo said. "Paul has regularly mentioned the hard work and dedication of the Center Bank employees, and I look forward to working closely with each of them. I am confident we will build upon Center's solid foundation in the years ahead."

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 $1.8 billion at September 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.