EXHIBIT 99.2
Transforming the Korean-American Banking Landscape
MERGER OF EQUALS
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Deal at a Glance
Transaction Summary: | Merger of Equals between Nara Bancorp and Center Financial creates the largest and strongest bank in the Korean-American community with a true national presence | |
Terms: | Center Financial shareholders will receive 0.7804 shares of Nara Bancorp stock for every one share of Center Financial stock they own | |
Ownership: | • Nara Bancorp shareholders will own 55% of the combined company
• Center Financial shareholders will own 45% of the combined company | |
Expected Closing: | Sometime in the second half of 2011 | |
Required Approvals: | • Approval of regulators
• Approval of Nara Bancorp shareholders
• Approval of Center Financial shareholders | |
Management and Board of Directors: | Alvin Kang will be CEO of the combined company; Jae Whan (J.W.) Yoo will be President
Bank Holding Company: Ki Suh Park will be the Chairman and Chang Hwi Kim will be Vice Chairman
Bank: Kevin Kim will be Chairman and Scott Whang will be Vice Chairman
The Board of Directors will consist of 7 directors from Nara and 7 directors from Center | |
Pro Forma Combination: | • More than $5 billion in assets and $4 billion in deposits
• More than 40 branches in Southern California, Northern California, New York, New Jersey, Seattle and Chicago
• The largest deposit market share among Korean-American banks in Southern California, Northern California and the New York/New Jersey area, and strong market share in Seattle and Chicago | |
Transaction Rationale: | • Shareholders will benefit from the increased earnings power of the combined company and the improved ability to generate profitable growth going forward
• Customers will benefit from the convenience of additional locations and increased investment in the bank’s products and services capabilities
• Employees will benefit from being part of the most profitable and strongest bank in the Korean-American community |