Key Developments For Nara Bancorp, Inc.
Nara Bancorp, Inc. (NARA.O) (Nasdaq)
Nara Bancorp, Inc. Announces Closing Of Common Stock Offering
Nara Bancorp, Inc. announced that on October 27, 2009, it had sold $86.25 million of its common stock through the previously announced public offering of 11.5 million shares of the Company's common stock at a price of $7.50 per share, including 10 million primary shares and 1.5 million additional shares on exercise by the underwriter of its over-allotment option. The offering was underwritten by Keefe, Bruyette & Woods, Inc. and provided net proceeds to the Company of approximately $82 million, after deducting underwriting discounts and commissions and estimated offering expenses.
Nara Bancorp, Inc. Announces Pricing of Common Stock Offering
Nara Bancorp, Inc. announced the pricing of the previously announced underwritten public offering of 10,000,000 shares of the Company's common stock at a price of $7.50 per share. The net proceeds to the Company, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $71,242,500. The offering size was increased from $70 million to $75 million. Nara intends to use the net proceeds of the offering for general corporate purposes. These purposes include funding working capital requirements, supporting growth of Nara`s banking business, including both internal growth and growth from possible acquisitions, and related regulatory capital needs. The Company expects to close the transaction, on or about October 27, 2009. Keefe, Bruyette & Woods is acting as sole underwriter. Nara has granted the underwriter a 30-day option to purchase up to an additional 1,500,000 shares of Nara common stock to cover over allotments, if any.
Nara Bancorp, Inc. Announces $70 Million Common Stock Offering
Nara Bancorp, Inc. announced that it has commenced an offering of approximately $70 million of its common stock in an underwritten public offering through Keefe, Bruyette & Woods. The Company intends to grant the underwriter an option to purchase up to an additional 15% of common stock sold in the offering to cover over-allotments, if any. The Company intends to use the net proceeds of the offering for general corporate purposes. These purposes include funding working capital requirements, supporting growth of the Company's banking business, including both internal growth and growth from possible acquisitions, and related regulatory capital needs.
Nara Bancorp, Inc. Settles Department of Justice Dispute
Nara Bancorp, Inc. announced that it has agreed to resolve allegations raised by the Department of Justice regarding auto finance contracts entered into by consumers with certain third party auto dealerships. Nara Bank denies any wrongdoing but has cooperated with the Department of Justice to settle the dispute to avoid costly and protracted litigation. The essence of the Department of Justice's claim is that third party car dealers charged excessive interest rates to their customers. Nara had no involvement in negotiating the interest rates charged by the dealers. The car dealers then sold these loans to various banks, including Nara Bank.
Nara Bancorp, Inc. Announces Suspension Of Quarterly Common Stock Dividend
Nara Bancorp, Inc. announced that its Board of Directors has suspended the Company's quarterly common stock dividend.
