Center Financial Signs Definitive Agreement to Acquire Chicago Branch of Korea Exchange Bank.Business Editors LOS ANGELES--(BUSINESS WIRE)--Jan. 22, 2004 Center Financial Corporation (Nasdaq:CLFC CLFC Creating Lasting Family Connections (New Hampshire) CLFC Clear Lake Fencing Club (Texas) ) today announced that Center Bank, 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. , has entered into a definitive Purchase and Assumption Agreement to acquire the branch operations of Korea Exchange Bank Oehwan Bank or Korea Exchange Bank (KEB) (KSE: 004940) is South Korea's only exchange bank company. It is headquartered in Seoul, and was established in 1967. (KEB) in Chicago, Illinois. The Agreement calls for Center Bank's assumption of approximately $16 million in FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured deposits and the purchase of approximately $13 million in loans from KEB's Chicago branch. Completion of the proposed transaction is subject to regulatory approvals, for which applications have been filed with the proper authorities, and customary closing conditions. It is expected that the closing will occur in the second calendar quarter of 2004. "The Chicago office will be Center Bank's first out-of-state branch office that can provide our full range of banking services and products, including retail deposits accounts," said (Paul) Seon-Hong Kim, chief executive officer. "The greater Chicago area represents one of the largest and most mature Korean-American communities in the U.S., and we look forward to providing this market with the relationship banking services that have been a cornerstone to the strong growth of Center Bank." About Center Financial Corporation Center Financial Corporation is the holding company of Center Bank (formerly California Center Bank), a community bank offering a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Founded in 1986, Center Bank is one of the largest financial institutions in the nation focusing on the Korean-American community. The Bank specializes in commercial and SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loans and trade finance products for multi-ethnic and small business customers. Center Bank operates 13 full-service branches throughout Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and five Loan Production Offices located in Phoenix; Seattle; Denver; Washington, D.C.; and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . Further information about the company can be found at www.centerbank.com. Statements contained in this release that are not historical facts are 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. within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended, and are based on management's current expectations and beliefs concerning future developments and their potential effects on Center Financial. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those in such forward-looking statements. These forward-looking statements involve risks and uncertainties, including, but not limited to, the company's ability to receive regulatory approvals, the company's ability to close the proposed transaction, the company's ability to grow its deposits, the success of the company's SBA Department and Consumer Loan Center, the impact of current events on the California economy, customers' acceptance of the company's pricing policies, the company's ability to successfully expand geographically, changes in interest rates, loan portfolio performance, the ability to continue to pay dividends and other factors, detailed in Center Financial's SEC filings made from time to time. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion