Key Developments For Center Financial Corporation
Center Financial Corporation (CLFC.O) (Nasdaq)
Center Financial Corporation Names New Jin Chul Jhung As Chairman
Center Financial Corporation announced that its Board of Directors named Jin Chul Jhung as its new Chairman and appointed Kevin Sung Kim as Vice-Chairman of the Board, effective following the end of the annual meeting.
Center Financial Corporation Discontinues Quarterly Cash Dividend
Center Financial Corporation announced the suspension of its quarterly cash dividend.
Center Financial Corporation Files Extension For 2008 Form 10-K
Center Financial Corporation announced that it has filed an extension on Form 12b-25 pertaining to the filing of its Form 10-K for the year ended December 31, 2008.
Center Financial Corporation Settles First Intercontinental Dispute
Center Financial Corporation announced it has settled all disputes with First Intercontinental Bank, a Georgia State-chartered commercial bank, without admitting any wrongdoing as part of this settlement, for a total consideration paid of $100,000. On April 4, 2008, First Intercontinental Bank commenced a civil action against Center Financial alleging breach of the parties’ September 18, 2007 Agreement and Plan of Reorganization, pursuant to which Center Financial was to acquire all of the outstanding shares of First Intercontinental Bank. Center Financial denied liability and also asserted claims for breach against First Intercontinental. The parties’ settlement resolves all claims in the litigation.
Center Financial Corporation Receives $55 Million In New Capital From U.S. Treasury’s Capital Purchase Program
Center Financial Corporation announced the receipt of $55 million of new capital through the United States Department of the Treasury’s Capital Purchase Program. As part of the program, Center Financial entered into a purchase agreement with the U.S. Treasury on December 12, 2008, pursuant to which the company agreed to issue and sell 55,000 shares of Center’s fixed-rate cumulative perpetual preferred stock and a 10-year warrant to purchase 864,780 shares of the Company’s common stock at an exercise price of $9.54 per share. The Company will pay the government a 5% dividend annually for each of the first five years of the investment and 9% dividend thereafter until the shares are redeemed.
