KEIC Claims Against Center Bank Dismissed

Center Financial Corporation (Nasdaq:CLFCE) today
announced that the Orange County Superior Court yesterday dismissed
all claims of Korea Export Insurance Corporation ("KEIC") against its
subsidiary, Center Bank (the "Bank"), in an action that had been
brought by KEIC in 2003 seeking to recover damages of approximately
$56 million from the Bank. That action was based, among other
theories, on a claim that the Bank had acted negligently in presenting
and otherwise handling trade documents for collection. The Court
dismissed the case on the grounds that federal courts have exclusive
jurisdiction over KEIC's claims against the Bank. While the court
ruling dismisses KEIC's claim against the Bank, it is possible that
KEIC will appeal the dismissal and/or seek to file a new claim against
the Bank in federal court. In addition, third party claims against the
Bank for indemnification remain pending in the state court action.
   "This is a major set back for KEIC," observed Charles E. Patterson
of Morrison & Foerster, LLP, lead trial counsel for Center Bank. "Our
client remains determined to continue to vindicate its rights against
all parties, as necessary, related to this action."

   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.