Center Financial Receives Regulatory Approvals to Establish Two Additional Full-Service Branch Offices.

LOS ANGELES -- Seattle Branch to Represent Company's First Out-of-State Expansion from LPO Operations; Irvine Branch to Increase Southern California Network to 15 Full-Service Offices in Los Angeles Basin 

Center Financial Corporation (Nasdaq:CLFC), the financial holding company of Center Bank, a community bank focused on the Korean-American niche market, today announced the receipt of regulatory approvals from the Federal Deposit Insurance Corporation (FDIC) to proceed with plans to establish a new full-service branch office in the Seattle, Wash., area and to expand its branch network in Southern California with a new office in Irvine.

"The planned opening of our Seattle Branch marks a significant milestone for Center Bank, as it will represent our first expansion to a full-service branch from one of the company's nine loan production offices," said (Paul) Seon-Hong Kim, president and chief executive officer of Center Financial. "We believe the successful operation of our Seattle LPO since its inception in September 2000 underscores the substantial opportunities for the company as we prepare to provide our broad range of financial and deposit services to the large Korean-American business community in this metropolis.

"We also look forward to the opening of our 15th branch office in the Los Angeles basin, which comprises the largest concentration of Koreans outside the Republic of Korea," Kim added. "The Irvine Branch will further enhance Center Bank's ability to serve the entire region, including the burgeoning Korean-American community in our core geographic market.

"The addition of these two branches later this year will reinforce Center Bank's broadest geographic coverage across the nation, with 17 full-service branches and nine loan production offices, among financial institutions focusing on the Korean-American niche market," Kim concluded.

The company anticipates opening the Seattle Branch during the second quarter this year and the Irvine Branch in the third quarter of 2005.

About Center Financial Corporation

Center Financial Corporation is the financial 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 $1.3 billion at September 30, 2004. Headquartered in Los Angeles, Center Bank operates 24 branch and loan production offices across the nation, of which 15 full-service branches are located throughout Southern California and in Chicago, plus nine loan production offices in Phoenix, Seattle, Denver, Washington, D.C., Las Vegas, Atlanta, Honolulu, Houston and Dallas. Center Bank is a California state-chartered institution and member of the FDIC. 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 Corp's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2003 (See Business, and Management's Discussion and Analysis), and other filings with the Securities and Exchange Commission are incorporated herein by reference. These factors include, but are not limited to: the ability of Center Financial to open full-service branch offices in Seattle, Washington and Irvine, California; 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.