-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VA9JB9BqPZ0u7WESIss8X4TZ6zrUNB+faowTgEuGh0OkwA4vW4x1UKsyADMdoEW8 gs1mizzmIw/TtGJbgKpGoQ== 0001193125-07-124563.txt : 20070529 0001193125-07-124563.hdr.sgml : 20070528 20070529142808 ACCESSION NUMBER: 0001193125-07-124563 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070523 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070529 DATE AS OF CHANGE: 20070529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTER FINANCIAL CORP CENTRAL INDEX KEY: 0001174820 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 522380548 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50050 FILM NUMBER: 07883230 BUSINESS ADDRESS: STREET 1: 3435 WILSHIRE BLVD STREET 2: STE 700 CITY: LOS ANGELES STATE: CA ZIP: 90010 BUSINESS PHONE: 2132512222 8-K 1 d8k.htm FORM 8-K Form 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 23, 2007

 


Center Financial Corporation

(Exact name of Registrant as specified in its charter)

 


California

(State or Other Jurisdiction of Incorporation)

 

000-50050   52-2380548
(Commission file number)   (IRS Employer Identification No)

3435 Wilshire Boulevard, Suite 700, Los Angeles, California 90010

(Address of principal executive offices)

(213) 251-2222

(Registrant’s telephone number, including area code)

 


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 follow provisions:

 

¨ 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))

 


 


Item 8.01. Other Events

On May 24, 2007, the Company issued a news release announcing board approval of a stock buyback program to repurchase up to an aggregate of $10.0 million of the Company’s issued and outstanding common shares in the open market during the next twelve month period ending My 24, 2008. The news release is attached to this report as Exhibit 99.1, which is incorporated herein by reference.

 

Item 9.01. Exhibits

(d) News Release dated May 24, 2007

 


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:

 

    CENTER FINANCIAL CORPORATION
Date: May 29, 2007     By:   /s/ Jae Whan Yoo
       

Jae Whan Yoo

Chief Executive Officer and President


EXHIBIT INDEX

 

Exhibit No.   

Exhibit

99.1    News Release dated May 24, 2007
EX-99.1 2 dex991.htm PRESS RELEASE DATED MAY 24, 2007 Press Release dated May 24, 2007

EXHIBIT 99.1

LOGO    News Release

Contacts:    

  

Lonny D. Robinson

Chief Financial Officer

213.401.2311

  

Angie Yang/Evan Pondel

Investor Relations

PondelWilkinson Inc.

310.279.5980

investor@pondel.com

  

CENTER FINANCIAL ANNOUNCES $10 MILLION STOCK REPURCHASE PROGRAM

LOS ANGELES, CA – May 24, 2007 – Center Financial Corporation (NASDAQ:CLFC), the holding company for Center Bank, today announced that its board of directors authorized a stock buyback program to repurchase up to an aggregate of $10.0 million of its issued and outstanding common shares in the open market effective immediately for a period of twelve months ending May 24, 2008. Center Financial had 16,661,121 shares outstanding as of March 31, 2007. At current valuations, this repurchase plan would authorize the buyback of approximately 600,000 shares, or 3.6% of the company’s outstanding shares.

“The board’s approval of the share repurchase plan underscores its confidence in the long-term prospects of Center Bank and a firm commitment to shareholders,” said Jae Whan (J. W.) Yoo, president and chief executive officer. “We consider this repurchase plan to be a sound and timely decision at current valuations. With the recent lifting of our informal memorandum of understanding, along with consistent financial performance and high asset quality, we are confident in our ability to capitalize on strategic opportunities and further enhance shareholder value.”

The timing of stock repurchases and the number of shares of common stock to be repurchased will be at management’s discretion, after consideration of factors such as the market price of the stock, the nature of other investment opportunities or growth projections, available cash flows from operations, general economic conditions, established and special trading blackout periods, and other factors. Repurchases under the program will be made from the company’s available working capital. The repurchase program is intended to be structured to conform to the safe harbor provisions of Securities and Exchange Commission Rule 10b-18.

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 $1.87 billion at March 31, 2007. Headquartered in Los Angeles, Center Bank operates 26 branch and loan production offices. Of the company’s 17 full-service branches, 15 are located throughout Southern California, along with one branch each in Chicago and Seattle. Center Bank’s nine loan production offices are strategically located in Phoenix, Seattle, Denver, Washington D.C., Las Vegas, Atlanta, Honolulu, Houston and Dallas. 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.

 

(more)


This release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the company’s ability to capitalize on strategic opportunities and further enhance shareholder value and the anticipated growth of Center Financial and Center Bank. The forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and 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. Factors that might cause such differences include, but are not limited to, those identified in our cautionary statements contained in Center Financial Corp.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006 (See Business, and Management’s Discussion and Analysis), and other filings with the Securities and Exchange Commission (SEC) are incorporated herein by reference. These factors include, but are not limited to: competition in the financial services market for both deposits and loans; the ability of Center Financial and its subsidiaries to increase its customer base; changes in interest rates; new litigation or changes or adverse developments in existing litigation; and regional and general economic conditions. Such forward-looking statements speak only as of the date of this release. Center Financial expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in the company’s expectations of results or any change in events.

# # #

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