Nara Bancorp Announces Pricing of $55 Million Common Stock Offering
26 October 2011 - 10:36AM
Business Wire
Nara Bancorp, Inc. (Nasdaq: NARA) announced today the pricing of
its previously announced public offering of common stock, raising
aggregate gross proceeds of $55 million. The offering consisted of
7,586,500 shares of common stock at a price to the public of $7.25
per share. The Company also granted the underwriters a 30-day
option to purchase up to 1,137,975 additional shares of common
stock, solely to cover over-allotments, if any. The Company expects
issuance and delivery of the shares to occur on or about Monday,
October 31, 2011, subject to customary closing conditions.
Nara Bancorp intends to use the net proceeds of the offering for
general corporate purposes. These purposes include enhancement of
Nara’s capital position to support Nara’s pending merger of equals
with Center Financial Corporation, supporting internal growth in
its banking business, funding working capital requirements and
possible retirement of debt, preferred stock or other
securities.
This announcement shall not constitute an offer to sell or the
solicitation of an offer to buy shares of Nara common stock, nor
shall there be any offer or sale of shares of Nara common stock in
any state in which such offer, solicitation or sale would be
unlawful. The shares will be offered solely pursuant to a
prospectus supplement and accompanying prospectus that have been
filed as part of a shelf registration statement that has been filed
with the Securities and Exchange Commission on Form S-3
(Registration No. 333-172521) and has become effective.
The prospectus supplement and the accompanying prospectus may be
obtained from Keefe, Bruyette & Woods, Inc., Equity Capital
Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by
calling toll-free (800) 966-1559; or from D.A. Davidson & Co. -
Prospectus Department, 8 Third Street North, Great Falls, MT 59401,
(406) 791-7319.
About Nara Bancorp, Inc.
Nara Bancorp, Inc. is the parent company of Nara Bank, a
full-service community bank headquartered in Los Angeles with $3.0
billion in assets as of September 30, 2011. Nara Bank operates 23
full-service branches in California, New York and New Jersey, and a
loan production office in Texas. Founded in 1989 specifically to
serve the needs of Korean-Americans, Nara Bank now serves a diverse
group of customers mirroring its communities. Nara Bank specializes
in core business banking products for small and medium-sized
companies, with an emphasis in commercial real estate and business
lending, SBA lending and international trade financing. Nara Bank
is a member of the Federal Reserve System and its deposits are
insured by the FDIC. Nara Bank is an Equal Opportunity Lender.
Forward-Looking Information
This press release contains forward-looking statements 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. These risks and uncertainties include
but are not limited to economic, competitive, governmental and
technological factors affecting the Company's operations, markets,
products, services and pricing. Readers should carefully review the
risk factors and the information that could materially affect the
Company'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 discussions
of business considerations and certain 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 the respective
documents. The Company undertakes no obligation to revise these
forward-looking statements.
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