Nara Bank Scholarship Foundation Honors 91 Students.Business Editors LOS ANGELES--(BUSINESS WIRE)--Feb. 27, 2003 Nara Bank, N.A. (the "Bank"), a 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. of Nara Bancorp, Inc. (Nasdaq:NARA), today announced that The Nara Bank Scholarship Foundation ("NBSF NBSF New Buffalo Shirt Factory, Inc. (Clarence, New York) ") honored 91 new recipients for 2003. This is the 2nd year of a 10-year commitment by Nara Bank to donate a total of $1,000,000 to The Nara Bank Scholarship Foundation. This year's recipients will receive $1,000 each as they embark on their college journey. The 91 recipients will also attend a two-hour financial literacy Financial literacy is the ability of individuals to make appropriate decisions in managing their personal finances. Raising levels of financial literacy is now a focus of government programmes in countries including[1] Australia, Japan, the United States and the UK. training program sponsored by Nara Bank to educate them on the basics of the banking industry and responsibility of credit. NBSF worked closely with the Korean Youth Community Center (KYCC KYCC Korean Youth and Community Center (Los Angeles, CA, USA) KYCC Kent Youth County Council (UK) ) to promote the scholarship program. The selection criteria emphasized financial need as well as academic performance. This year's outreach efforts went beyond the Korean community as evidenced by the increase in non-Korean applications. A total of 160 applications were received: 140 from California; and 20 from New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and New Jersey. Messrs. Tong S. Suhr, Esq., Peter Pak, Ph.D, and Jong Noun 1. Jong - United States writer (born in 1942) Erica Jong Ho Song, Executive Director of KYCC, served as independent judges of the selection committee. The award ceremony honoring the recipients and parents will be held in early April. The 91 scholarship recipients' names are listed on Nara Bank's website at www.narabank.com. The Nara Bank Scholarship Foundation seeks to invest in our youth, the leaders of tomorrow. Nara Bank's mission statement states, "The Nara Bank Scholarship Foundation acknowledges the cultural diversities within our communities and has been established to award college scholarships to underserved high school graduates that demonstrate academic excellence and strong leadership." About Nara Bancorp, Inc. Nara Bancorp, Inc. is the parent company of Nara Bank, N.A. which was founded in 1989. Nara Bank is a full service community bank headquartered in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. with eighteen branches and offices nationwide. Nara Bank operates full service branches in California and New York with loan production offices in Seattle, Chicago, Atlanta and New Jersey and a representative office in Seoul, Korea. Nara Bank was founded specifically to serve the needs of Korean-Americans, one of the fastest-growing segments of the Asian ethnic group over the past decade. Presently, Nara Bank serves a diverse group of customers mirroring its community. Nara Bank specializes in core business banking products for small and medium-sized companies with emphasis in commercial real estate and business lending, 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 lending and international trade financing. Nara Bank is a member of the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and is an Equal Opportunity Lender. For more information on Nara Bank call our Los Angeles office at 213-639-1700 or New York office at 212-279-2790 or visit our website at www.narabank.com. Nara Bancorp, Inc. stock is listed on Nasdaq under the symbol "NARA". |
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