8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 26, 2006

Nara Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Delaware	000-50245	95-4170121
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3701 Wilshire Boulevard, Suite 220, Los Angeles, CA	90010
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (213) 639-1700

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

(b) On May 26, 2006, Mr. Yong Hwan Kim of the Board of Directors of Nara Bancorp, Inc. (the “Company”), and of its holding company, Nara Bank (the “Bank”), announced that he would retire from the Company and Bank Boards when his current term ends on June 30, 2006, the scheduled date of the annual shareholders meeting. The Board of Directors of the Bank has named Mr. Kim as an Emeritus Director of the Bank, to be effective upon his retirement, who will head the Bank’s newly formed Advisory Council. Mr. Kim has been a director of the Company since 2002 and the Bank since 1993.

(d) On May 26, 2006, the Board of Directors of Nara Bancorp, Inc. (the “Company”), the holding company of Nara Bank (the “Bank”), elected James P. Staes, a longtime bank executive and director, as a new independent director of the Company and the Bank, effective immediately.

For his services as a director, Mr. Staes was granted 60,000 non-qualified stock options under the Nara Bancorp, 2001 Nara Bank 2000 Continuation Long Term Incentive Plan on May 26, 2006. These options will vest in three equal installments of 20,000 over a three year vesting period starting on the first anniversary of the grant date. He will also receive a $3,000 per month retainer plus other customary benefits the Company and the Bank provides to outside directors.

Mr. Staes will serve as a member of the Audit Committee of Nara Bancorp, Inc., as well as a member of the Transition, Asset Liability Management, and Loan and Credit Committees of Nara Bank.

Mr. Staes has no related transaction with the Company or the Bank for which disclosure is required by Item 404(a) of Regulation S-K or Item 404(a) of Regulation S-B, as applicable.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

99.1	Press release issued by Nara Bancorp, Inc. dated May 30, 2006.
99.2	Press release issued by Nara Bancorp, Inc. dated May 26, 2006.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Nara Bancorp, Inc.
Date: June 2, 2006	/s/ Alvin D. Kang
	Alvin D. Kang
	Executive Vice President and Chief Financial Officer

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EX-99.1

Exhibit 99.1

NARA BANCORP NAMES DIRECTOR Y.H. KIM

AS DIRECTOR EMERITUS AFTER RETIREMENT

LOS ANGELES – (BUSINESS WIRE) – May 30, 2006 — Nara Bancorp, Inc. (“Nara”) (NASDAQ:NARA), the holding company of Nara Bank (the “Bank”), announced today that its long-time director Mr. Yong Hwan Kim has decided to retire from his Board position when his term expires this year. Mr. Kim has been a director of the Bank since 1993 and of Nara since 2002. Mr. Kim has been named as Director Emeritus and will head the Bank’s newly formed Advisory Council.

“Mr. Yong Hwan Kim is a man of utmost integrity who has contributed greatly over many years to the success of Nara,” Chairman Chong-Moon Lee said. “We are fortunate to have had the long service of such a well- respected member of our community. We are equally fortunate that he has agreed to help us form an Advisory Council to ensure we become an even more integral part of the future of our community.”

“Nara’s Board of Directors is determined to bring the very best leadership to Korean American banking,” Mr. Kim said. “I am especially pleased that Nara’s Board has put in motion a long-term plan to set a new standard of excellence for our current customers as well as the next generation of Korean American banking customers.”

About Nara Bancorp, Inc.

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 18 branches and 8 loan production offices in the United States and one liaison office in Seoul, Korea. Nara Bank operates full-service branches in California and New York, with loan production offices in California, Washington, Colorado, Texas, Georgia, Illinois, New Jersey, and Virginia. Nara Bank was founded specifically to serve the needs of Korean Americans, one of the fastest-growing Asian ethnic communities over the past decade. 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 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. For more information on Nara Bank, visit our website at www.narabank.com. Nara Bancorp, Inc. stock is listed on NASDAQ under the symbol “NARA.”

Forward-Looking Statements

This press release contains forward-looking statements, including statements about future operations and management, that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors

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affecting Nara Bancorp’s operations, markets, products, services and pricing. Readers should carefully review the risk factors and the information that could materially affect Nara Bancorp’s financial results and business described in documents the Company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussion of business considerations and risk factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Nara Bancorp undertakes no obligation to revise or publicly release the results of any revisions to these forward-looking statements.

Contact:	Min Kim
	Nara Bank
	(213) 389-2000

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EX-99.2

Exhibit 99.2

NARA BANCORP NAMES NEW INDEPENDENT DIRECTOR

LOS ANGELES – (BUSINESS WIRE) – May 26, 2006 — Nara Bancorp, Inc. (“Nara”) (NASDAQ:NARA), the holding company of Nara Bank (the “Bank”), announced today the appointment to its Board of Directors of another independent director with extensive experience in management and banking.

James P. Staes joins Nara after more than three decades of experience with a variety of California banks. He has served for the past four years as a Director of The Mechanics Bank of Richmond, a publicly traded bank serving Northern California with assets of about $2.5 billion. From 1997-2004, Mr. Staes was on the Board of Directors of Manufacturers Bank, a Los Angeles-based subsidiary of Sumitomo Mitsui Banking Corp. of Tokyo. Earlier, Mr. Staes was Vice Chairman and Director of California United Bank, a wholly owned subsidiary of CU Bancorp, a publicly traded company. He also was President, Chief Executive Officer and Director of the publicly traded Home Interstate Bancorp and Home Bank.

“As the banking industry becomes more complex and as our Korean American customers demand more sophisticated services and products, Nara will need to tap new talent as it works to remain a step ahead of the needs of our markets,” said Chong-Moon Lee, Chairman of Nara and the Bank. “With the addition of Mr. Staes to our Board, we are adding another top-quality leader who can help our skilled bankers meet their full potential and advance Nara’s leadership as the premier bank in the Korean-American community, delivering the best possible service to its customers.”

Mr. Staes, 67, said: “I am very pleased to join Nara, which has established itself as a vital member of its communities and is genuinely committed to Chairman Lee’s philosophy of continuous improvement. I look forward to working with my fellow directors and the executive management team to help Nara become even more valuable to the Korean-American community for many years to come.”

Mr. Staes will serve on both the Nara and Bank Boards, as well as the Transition Committee of the Bank Board, which was recently formed to guide the Bank during this period of management transition. That Committee is chaired by Howard Gould, a Director, and works closely with three executives who comprise the Interim Office of the President: Min Kim, Chief Operating Officer and Acting President; Alvin D. Kang, Chief Financial Officer; and Bonita Lee, Chief Credit Officer. The appointment of Mr. Staes has been reviewed and approved by state and federal banking regulators.

Nara Acting President Min Kim said, “Management appreciates the active role the Board is playing in bringing highly experienced and skilled new leadership. This will help all of us at Nara to serve the community even more effectively.”

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About Nara Bancorp, Inc.

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 18 branches and 8 loan production offices in the United States and one liaison office in Seoul, Korea. Nara Bank operates full-service branches in California and New York, with loan production offices in California, Washington, Colorado, Texas, Georgia, Illinois, New Jersey, and Virginia. Nara Bank was founded specifically to serve the needs of Korean Americans, one of the fastest-growing Asian ethnic communities over the past decade. 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 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. For more information on Nara Bank, visit our website at www.narabank.com. Nara Bancorp, Inc. stock is listed on NASDAQ under the symbol “NARA.”

Forward-Looking Statements

This press release contains forward-looking statements, including statements about future operations and management, that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting Nara Bancorp’s operations, markets, products, services and pricing. Readers should carefully review the risk factors and the information that could materially affect Nara Bancorp’s financial results and business described in documents the Company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussion of business considerations and risk factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Nara Bancorp undertakes no obligation to revise or publicly release the results of any revisions to these forward-looking statements.

Contact:
Korean Media:	Annie Ahn
	Nara Bank
	(213) 389-2000
Others:	Min Kim
	Nara Bank
	(213) 389-2000

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