Center Financial (NASDAQ:CLFCE)
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Center Financial Corporation (NASDAQ:CLFCE) today said
that the company has completed the audit and review of its financial
statements for the years ended December 31, 2001 through 2004 and for
the quarters during those years and fiscal 2005.
Center Financial's Form 10-K/A for the year ended December 31,
2004 was filed with the Securities and Exchange Commission (SEC)
today. The company expects its Form 10-Q/As for the three quarters of
2005, including the reviews by the company's independent auditors and
certifications of the company's chief executive officer and chief
financial officer, will be recorded by the SEC the next business day.
The amended financial statements reflect the elimination of hedge
accounting treatment for the interest rate swaps during the said
periods.
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 largest financial
institutions focusing on the Korean-American community, with total
assets of $1.6 billion at September 30, 2005. Headquartered in Los
Angeles, Center Bank operates 26 branch and loan production offices
across the nation. 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 member of the FDIC. For
additional information on Center Bank, visit the company's Web site at
www.centerbank.com.
This release may contain forward-looking statements, which are
included in accordance with the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 and accordingly, the
cautionary statements contained in Center Financial Corp's Annual
Report on Form 10-K for the fiscal year ended Dec. 31, 2004. (See
Business, and Management's Discussion and Analysis), and other filings
with the Securities and Exchange Commission are incorporated herein by
reference. These factors include, but are not limited to: the actual
timing of the company's filing of its restated financial results for
the 2005 quarterly periods. 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. 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.