Center Financial Completes Review of Financial Statements
November 18 2005 - 6:35PM
Business Wire
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.
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