Center Financial Terminates Bid to Acquire Liberty Bank of New York.Business Editors LOS ANGELES--(BUSINESS WIRE)--May 14, 2004 Center Financial Corporation (Nasdaq:CLFC CLFC Creating Lasting Family Connections (New Hampshire) CLFC Clear Lake Fencing Club (Texas) ) today announced that it has elected to end its bid to acquire Liberty Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. (Liberty Bank). On February 20, 2004, Center Financial Corporation and Liberty Bank announced the signing of a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. whereby Center Financial would acquire Liberty Bank in a cash transaction. After completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , negotiations failed to reach a definitive agreement. Center Financial determined that moving forward with the acquisition on the terms demanded by Liberty Bank was inconsistent with the Memorandum of Understanding and would not be in the best interests of Center Financial, its customers or its shareholders. Center Financial Corporation, the financial holding company of Center Bank, had total assets of $1.1 billion at March 31, 2004. Founded in 1986, Center Bank is a community bank offering a full-range of financial services and is one of the nation's largest financial institutions focusing on the Korean-American community. It 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 14 full-service branches in Southern California and Chicago, plus five loan production offices located in Phoenix, Seattle, Denver, Washington D.C. and Las Vegas. Center Bank is a California state-chartered and FDIC-insured financial institution. This release may contain forward-looking statements, which are included in accordance with the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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. The cautionary statements contained in Center Financial Corporation's filings made from time to time with the Securities and Exchange Commission are incorporated herein by reference. 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. Center Financial Corporation and Center Bank caution readers not to place undue reliance on these statements. Such forward-looking statements speak only as of the date of this release. Center Financial Corporation and Center Bank expressly disclaim any obligation to update or revise any forward-looking statements found herein to reflect any changes in any of the companies' expectations of results or any change in events. |
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