Nara Bancorp and Center Financial Announce Key Management Positions for Combined Company

Nara Bancorp, Inc. (NASDAQ:NARA) and Center Financial Corporation (NASDAQ:CLFC) announced jointly today the executive management team that will lead the combined company upon the completion of the planned merger. As previously announced, Alvin Kang, President and Chief Executive Officer of Nara Bancorp, will be Chief Executive Officer of the combined company.

Other members of the executive management team will be as follows (detailed biographical information on each executive is provided below):

Bonnie Lee – Executive Vice President and Chief Operating Officer

Lisa Kim Pai – Executive Vice President and Chief Legal and HR Officer

Phil Guldeman – Executive Vice President and Chief Financial Officer

Jason Kim – Executive Vice President and Chief Lending Officer

Mark Lee – Executive Vice President and Chief Credit Officer

Sook Kyong Goo – Executive Vice President and Chief Operations Administrator

Myung Hee Hyun – Executive Vice President and Chief Deposit Officer

Kyu Kim – Executive Vice President and Chief Banking Officer (Eastern Region)

Chang Hwi Kim, a director of Center Financial and the chairman of the Consolidation Committee overseeing the integration planning for the proposed merger, commented, "We are very pleased to announce the executive management team that will lead our combined company. The executive management team has the full support of the board of directors of both Nara Bancorp and Center Financial. The combined company will have a deep and experienced team of senior bankers to lead our nationwide operations, which we believe will give us a strong competitive advantage in the marketplace.”

Al Kang, President and Chief Executive Officer of Nara Bancorp, said, "The executive management team we have assembled truly represents a blending of the best talent from both Center and Nara. The entire team is excited about the opportunities we will have to better serve our customers and communities as the largest and strongest bank serving the Korean-American market across the United States.”

The merger between Nara Bancorp and Center Financial is subject to regulatory approval, the approval of the shareholders of both companies, and other closing conditions. The transaction is expected to close during the second half of 2011.

Biographical Information

Alvin Kang – Mr. Kang has more than 40 years of experience in the financial services industry. Mr. Kang was appointed President and Chief Executive Officer of Nara Bancorp in January 2010 after having served as Chief Financial Officer and a member of the Office of the President since 2005 and 2006, respectively. Prior to joining Nara Bancorp, Mr. Kang served as Executive Vice President, Chief Operating Officer and Chief Financial Officer for Broadway Federal Bank and Chief Financial Officer of Broadway Financial Corporation from 2001 to July 2005. Mr. Kang has also held a senior position at Takenaka and Company, an investment banking and consulting firm, and has served as an audit partner at KPMG LLP and at Ernst & Young LLP. Mr. Kang retired from KPMG LLP after 26 years of service, during which time he served as lead partner of the Asian Business Group and as lead partner on audits of major financial institutions in Los Angeles.

Bonnie Lee – Ms. Lee has served as the Executive Vice President and Chief Operating Officer of Nara Bancorp since March 2009. Ms. Lee returned to Nara Bancorp in March 2009 after a brief tenure as Regional President of the Western Region of a Korean financial services company. Prior to her departure, Ms. Lee worked at Nara Bancorp for 15 years, including several years as Executive Vice President and Chief Credit Officer. She also served as a member of the Office of the President from March 2006 through September 2008 and she currently serves as a member since she returned to Nara Bancorp in March 2009. During her tenure at Nara Bancorp, Ms. Lee managed integration projects for numerous acquisition transactions. Prior to joining Nara Bancorp, Ms. Lee held various lending positions with California Center Bank in Los Angeles from 1989 to 1993.

Lisa Kim Pai – Ms. Pai joined Center Financial Corporation in February 2007 and serves as Executive Vice President, General Counsel, Chief Risk Officer and Corporate Secretary. She has more than 20 years of experience in the legal profession, primarily serving as General Counsel and Corporate Secretary for leading financial institutions focused on the Korean-American community. From 1994 to 2004, Ms. Pai was Senior Vice President, General Counsel and Corporate Secretary at Pacific Union Bank, where she assisted in the bank’s termination of a BSA-related C&D Order, oversaw the company’s initial public offering and managed the due diligence process for the acquisition of Pacific Union by Hanmi Financial Corp. After the acquisition, Ms. Pai joined the Hanmi management team in the same capacity and successfully directed the post-merger integration of the legal staff and functions. Most recently, she served as acting General Counsel and Corporate Secretary of Nara Bancorp from June 2005 to October 2006.

Phil Guldeman – Mr. Guldeman was appointed Executive Vice President and Chief Financial Officer of Nara Bancorp in December 2010. Mr. Guldeman has more than 30 years of financial management experience in the banking industry. Mr. Guldeman was associated with KPMG from 1976 to 1988 where he served as Partner in charge of the firm’s Western Regional Financial Institution Management Consulting practice. He served as Executive Vice President and Chief Financial Officer of Mercantile National Bank, in Los Angeles, California, from 1989-1992. Since 1992, Mr. Guldeman has been a consultant providing management information and other consulting services to banks, thrift institutions, credit unions and banking industry service providers, including serving as Executive Vice President and Chief Financial Officer at various banks.

Jason Kim – Mr. Kim has served as Chief Credit Officer of Center Bank since April 2007 and was promoted to Executive Vice President in December 2010. A 20-year veteran of the company, he previously served as Senior Vice President and Manager of Center Bank’s SBA Department since 1991. Under his tenure, Center Bank’s SBA Department maintained the highest asset quality among more than 800 lenders across the nation, contributing to the company’s receipt of the "Lender of the Year Award” by the U.S. Small Business Administration (SBA) in 2006. Recognized for his expertise in SBA products and his conservative lending practices, Mr. Kim was one of 10 national lenders invited to participate in a special advisory session in January 2007 with the chief administrator of the SBA discussing current issues and trends in the commercial lending market.

Mark Lee – Mr. Lee has served as Executive Vice President and Chief Credit Officer of Nara Bancorp since May 2009. In January 2010, Mr. Lee was made part of the Office of the President under the direction of the President and CEO, Alvin D. Kang. Prior to joining the Company, Mr. Lee served as Senior Vice President and Deputy Chief Credit Officer at East West Bank from May 2007 to April 2009, and Manager of Commercial Business Credit from May 2002 to April 2007. Prior to his work at East West Bank, Mr. Lee served in various lending and credit capacities starting in 1990, at California Bank and Trust, Center Bank and Sanwa Bank.

Sook Kyong Goo – Ms. Goo has served as Chief Operations Officer of Center Bank since August 2007 and was promoted to Executive Vice President in January 2011. She has more than two decades of experience in banking operations. Ms. Goo previously served as Senior Vice President and Chief Operations Officer of Hanmi Bank, where she oversaw all operations functions of the company. She was also instrumental in the merger process during Hanmi’s acquisition of Pacific Union Bank in 2004, where she was previously employed since 1990. While at Pacific Union, she held various banking operations positions of increasing responsibility, lastly holding the title of Vice President and Senior Operations Officer. At Pacific Union, she oversaw all deposit and branch operations, while managing special project initiatives.

Myung Hee Hyun – Ms. Hyun has served as the Executive Vice President and Chief Operations Administrator of Nara Bancorp since May 2010. In May 2010, Ms. Hyun was made part of the Office of the President under the direction of the President and CEO, Alvin D. Kang. Prior to rejoining Nara Bancorp, she served as Senior Vice President and Chief Operations Administrator of Shinhan Bank America from December 2008 to April 2010. She served as the Senior Vice President and Chief Operations Administrator of Nara Bancorp from April 2005 to November 2008. She served Nara Bancorp as the Senior Vice President and Senior Operations Administrator from May 1998 to April 2005 and Operations Administrator from September 1995 to May 1998. During her tenure at Nara Bancorp, Ms. Hyun managed the system conversion projects for numerous acquisition transactions. Prior to joining Nara Bancorp, Ms. Hyun held various operations and personal banking positions at Hanmi Bank from 1982 to 1995.

Kyu Kim – Ms. Kim has served as the Executive Vice President and Eastern Regional Manager for Nara Bancorp since April 2008. In January 2010, Ms. Kim was made part of the Office of the President under the direction of the President and CEO, Alvin D. Kang. She also served as the Senior Vice President and Eastern Regional Manager from October 2005 until March 2008. Prior to her promotion to Eastern Regional Manager, she served as the Deputy Regional Manager from July 2003 to September 2005. Ms. Kim also served as the Manhattan Branch Manager from February 2000 to September 2005 and Flushing Branch Manager from September 1998 to February 2000. Prior to joining the Bank, Ms. Kim was Vice President and Chief Credit Officer at Foster Bank in Chicago from March 1990 to September 1997.

About the Nara Bancorp and Center Financial Merger of Equals

On December 9, 2010, Nara Bancorp and Center Financial announced the signing of a definitive agreement to merge, a transaction that will form the largest and strongest Korean-American bank in the United States. The combined company will be the only Korean-American bank with a national presence, with more than 40 branches in Southern California, Northern California, New York, New Jersey, Seattle and Chicago.

About Nara Bancorp

Nara Bancorp, Inc. is the parent company of Nara Bank, which was founded in 1989. Nara Bank is a full-service community bank headquartered in Los Angeles, with 23 branches and one loan production office in the United States. Nara Bank operates full-service branches in California, New York and New Jersey, and a loan production office in Texas. Nara Bank was founded specifically to serve the needs of Korean-Americans. Presently, Nara Bank serves a diverse group of customers mirroring its communities. Nara Bank specializes in core business banking products for small and medium-sized companies, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. Nara Bank is a member of the FDIC and is an Equal Opportunity Lender.

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 leading financial institutions focusing on the Korean-American community, with total assets of $2.27 billion at December 31, 2010. Headquartered in Los Angeles, Center Bank operates a total of 24 full-service branches and two loan production office. The company has 16 full-service branches located throughout Southern California and three branches in Northern California. Center Bank also operates two branches and one loan production office in the Seattle area, one branch in Chicago and a loan production office in Denver. 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.

Additional Information and Where to Find It

In connection with the proposed merger, Nara Bancorp, Inc. will file with the SEC a Registration Statement on Form S-4 that will include a Joint Proxy Statement/Prospectus of Center Financial Corporation and Nara Bancorp, as well as other relevant documents concerning the proposed transaction. Shareholders are urged to read the Registration Statement and the Joint Proxy Statement/Prospectus regarding the merger when it becomes available and any other relevant documents filed with the Securities and Exchange Commission ("SEC”), as well as any amendments or supplements to those documents, because they will contain important information. You will be able to obtain a free copy of the Joint Proxy Statement/Prospectus, as well as other filings containing information about Nara Bancorp and Center Financial at the SEC’s Internet site (www.sec.gov). You will also be able to obtain these documents, free of charge, from Nara at www.narabank.com under the tab "Investor Relations” and then under the heading "SEC Filings” or from Center Financial at www.centerbank.com under the tab "Investor Relations” and then under the heading "SEC Filings.”

Participants in Solicitation

Nara Bancorp, Center Financial and their respective directors, executive officers, management and employees may be deemed to be participants in the solicitation of proxies in respect of the merger. Information concerning Nara Bancorp’s participants is set forth in the proxy statement, dated May 24, 2010, for Nara Bancorp’s 2010 annual meeting of stockholders as filed with the SEC on Schedule 14A. Information concerning Center Financial’s participants is set forth in the proxy statement, dated April 30, 2010, for Center Financial’s 2010 annual meeting of stockholders as filed with the SEC on Schedule 14A. Additional information regarding the interests of participants of Nara Bancorp and Center Financial in the solicitation of proxies in respect of the merger will be included in the registration statement and joint proxy statement/prospectus to be filed with the SEC.

Forward-Looking Statements

This press release contains statements regarding the proposed transaction between Nara Bancorp and Center Financial, the expected timetable for completing the transaction, future financial and operating results, benefits and synergies of the proposed transaction and other statements about the future expectations, beliefs, goals, plans or prospects of the management of each of Nara Bancorp and Center Financial. These statements are based on current expectations, estimates, forecasts and projections and management assumptions about the future performance of each of Nara Bancorp and Center Financial and the combined company, as well as the businesses and markets in which they do and are expected to operate. These statements constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects,” "believes,” "estimates,” "anticipates,” "targets,” "goals,” "projects,” "intends,” "plans, "seeks,” and variations of such words and similar expressions are intended to identify such forward-looking statements which are not statements of historical fact. These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The closing of the proposed transaction is subject to regulatory approval, the approval of the shareholders of both Nara Bancorp and Center Financial, and other closing conditions. There is no assurance that such conditions will be met or that the proposed transaction will be consummated within expected time frame, or at all. If the transaction is consummated, factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Nara Bancorp and Center Financial and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees, may be greater than expected; required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth; competitive pressures among depository and other financial institutions may increase significantly and have an effect on revenues; the strength of the United States economy in general, and of the local economies in which the combined company will operate, may be different than expected, which could result in, among other things, a deterioration in credit quality or a reduced demand for credit and have a negative effect on the combined company’s loan portfolio and allowance for loan losses; changes in the U.S. legal and regulatory framework; and adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) which would negatively affect the combined company’s business and operating results.

For a more complete list and description of such risks and uncertainties, refer to Nara Bancorp’s Form 10-K for the year ended December 31, 2010, and Center Financial’s Form 10-K for the year ended December 31, 2010, as well as other filings made by Nara Bancorp and Center Financial with the SEC. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Nara Bancorp and Center Financial disclaim any intention or obligation to update any forward-looking statements after the distribution of this press release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.