Exhibit 99.1

Center Financial Reports $6.5 Million Net Income for Q4 2010, Posting Fourth Consecutive Profitable Quarter

2010 Marked by Company’s Return to Profitability, Stabilized Asset Quality and Return to Growth

LOS ANGELES--(BUSINESS WIRE)--February 2, 2011--Center Financial Corporation (NASDAQ: CLFC), today reported financial results for its 2010 fourth quarter, posting net income of $6.5 million and net income available to common shareholders of $5.7 million, equal to $0.14 per diluted common share. In the year-ago fourth quarter, the company posted a net loss of $24.5 million and net loss available to common shareholders of $25.2 million, or $1.41 per common share.

For the full 2010 year, Center Financial posted net income of $22.7 million. As previously announced, the beneficial conversion feature of its Series B Preferred Stock issued in December 2009 reduced net income available to common shareholders by an intrinsic value of $29.0 million. This contributed to a net loss available to common shareholders of $9.3 million for 2010, equal to $0.26 per common share. For 2009, the company incurred a net loss of $42.5 million and net loss available to common shareholders of $45.5 million, equal to $2.66 per common share.

“2010 proved to be a strong recovery year for Center Financial, following the company’s assertive actions addressing credit during one of the most difficult financial crises in recent history,” said Richard S. Cupp, president and chief executive officer. “Closing the year with another profitable quarter, the company proved the sustainability of its profitable operations going forward and further fortified its already strong balance sheet. The return to profitability was supported by improved and stabilizing asset quality metrics, with appropriate levels of provisioning. In addition to strategic growth through the FDIC-assisted acquisition earlier in the year, the company’s accelerated business development efforts since the beginning of the second half have led to meaningful organic growth in its loan portfolio. With stabilized asset quality trends and a return to focusing on growth, we signed a definitive agreement to merge Center Financial and Nara Bancorp, as previously announced, and began moving along a path that will create the largest Korean-American bank in the nation and transform the landscape of this growing niche market.”

2010 FOURTH QUARTER FINANCIAL SUMMARY:

• Net income totaled $6.5 million and net income available to common shareholders amounted to $5.7 million, equal to $0.14 per diluted common share;
• Income tax benefit of $3.1 million reflects a further reduction of the valuation allowance against the company’s deferred tax asset;
• Net interest margin narrowed 3 basis points sequentially to 3.28%;
• Gross non-covered loans increased 4.2% to $1.53 billion at year-end from September 30, 2010, reflecting increases in commercial, trade finance and SBA loan balances;
• Total deposits declined 1.2% sequentially to $1.77 billion while noninterest bearing deposits rose 3.5% and represented 22.4% of total deposits;
• Annualized average cost of deposits decreased 4 basis points to 1.09%;
• Non-covered nonperforming loans net of the SBA guarantee rose by $2.0 million sequentially to $42.2 million;
• Delinquent non-covered loans 30 to 89 days past due increased by $2.7 million linked quarter to $14.2 million;
• Non-covered net loan charge-offs of $7.4 million, included $607,000 in recoveries during the quarter;
• Provision for loan losses equaled $6.0 million of which $1.0 million is attributed to the covered loan portfolio; stabilized asset quality trends led to a further reduction in the allowance for non-covered loan losses to 3.41% of gross non-covered loans at year-end;
• Capital ratios significantly above regulatory guidelines with Total Risk-Based and Tier 1 Leverage capital ratios of 18.89% and 12.75%, respectively.

Center Financial noted that loans acquired in its April 16, 2010 FDIC-assisted transaction are subject to a loss-sharing agreement and are referred to as “covered loans.” Center’s legacy portfolio is referred to as “non-covered.”

ASSET QUALITY

At December 31, 2010, total non-covered nonperforming assets net of SBA guarantees declined to $43.2 million from $44.7 million at September 30, 2010. As a percentage of gross non-covered loans and other real estate owned (OREO), total non-covered nonperforming assets net of SBA guarantees declined to 2.82% from 3.04% at September 30, 2010. As of December 31, 2010, the company’s OREO portfolio declined considerably to two properties at a holding value of $937,000. This is down from $4.5 million at September 30, 2010, reflecting the resolution and pay-off of one OREO property.

Non-covered nonperforming loans net of SBA guarantees at December 31, 2010 rose modestly to $42.2 million from $40.2 million at September 30, 2010. The company said new inflows into nonperforming status totaled $8.4 million, of which commercial real estate loans represented 42%, construction 31% and C&I 22%. This was offset by outflows of $6.1 million. Outflows included a $1.9 million loan transferred to held for sale and an upgrade of one loan with an outstanding balance of $580,000 to accrual status, as well as charge offs and paydowns.

Delinquent non-covered loans 30 to 89 days past due increased to $14.2 million at the close of the 2010 fourth quarter from $11.5 million at September 30, 2010. Performing troubled debt restructurings (TDRs) that are not accounted for in non-covered nonaccrual or delinquent loans declined to $21.4 million at December 31, 2010 from $23.9 million at September 30, 2010.

The company’s covered loans that are subject to a loss-sharing agreement with the FDIC are reported separately in the consolidated statements of financial condition.

Non-covered loan net charge-offs during the 2010 fourth quarter equaled $7.4 million, down from $8.0 million in the preceding third quarter. As a percentage of average loans on an annualized basis, non-covered loan net charge-offs equaled 1.84% of average non-covered loans.

Center Financial recorded a provision for loan losses related to non-covered loans of $5.0 million for the 2010 fourth quarter, compared with $4.0 million in the preceding third quarter. The stabilized and generally improved asset quality metrics over the course of 2010 resulted in a continued reduction in the allowance for loan losses to $52.0 million at December 31, 2010, representing 3.41% of gross non-covered loans. At September 30, 2010, the allowance for loan losses totaled $54.5 million, equal to 3.71% of gross non-covered loans.

Center Financial also recorded a $1.0 million provision for loan losses related to covered loans during the fourth quarter of 2010. This provision expense was offset in part by an $808,000 increase in the FDIC loss share receivable balance, which was included in other noninterest income for the quarter.

LOANS & DEPOSITS

Marking a strong return to growth, non-covered loans increased 4.2% to $1.53 billion at December 31, 2010 from $1.47 billion at September 30, 2010. Modest declines in the commercial real estate and construction loan balances were more than offset by strong increases in commercial, trade finance and SBA loans. Covered loans at December 31, 2010 increased to $117.3 million from $112.7 at September 30, 2010. Total loans at December 31, 2010 amounted to $1.65 billion.

Total deposits equaled $1.77 billion at December 31, 2010, compared with $1.79 billion at September 30, 2010. Noninterest-bearing demand deposits as a percentage of total deposits rose to 22.4% at year-end from 21.4% at September 30, 2010. The company’s loan-to-deposit ratio equaled 89.9% at December 31, 2010, compared with 85.1% at September 30, 2010.

The average cost of interest-bearing deposits continued to decline, decreasing to 1.39% for the three months ended December 31, 2010 from 1.44% for the three months ended September 30, 2010. Total cost of deposits declined to 1.09% for the 2010 fourth quarter, compared with 1.13% for the preceding third quarter.

BALANCE SHEET SUMMARY & CAPITAL

Total assets of $2.27 billion at December 31, 2010 reflected a 0.2% increase on a linked quarter basis from $2.27 billion at September 30, 2010 and a 3.6% increase from $2.19 billion at December 31, 2009. Average interest-earning assets equaled $2.05 billion for the 2010 fourth quarter, $2.05 billion for the preceding third quarter and $2.01 billion for the 2009 fourth quarter.

Total shareholders’ equity at December 31, 2010 increased to $274.0 million from $270.7 million at September 30, 2010 million and $256.1 million at December 31, 2009. Tangible common equity as a percentage of tangible assets, which is a non-GAAP financial measure, equaled 9.65% at December 31, 2010, compared with 9.52% at September 30, 2010 and 6.01% at December 31, 2009.

Supported by four consecutive profitable quarters of operations, Center Financial’s capital position continued to be significantly above minimum guidelines for “well-capitalized” institutions. At December 31, 2010, Total Risk-Based capital ratio was 18.89%, Tier 1 Risk-Based capital ratio equaled 17.61% and Tier 1 Leverage ratio amounted to 12.75%. The company noted that Total Risk-Based and Tier 1 Risk-Based capital ratios declined modestly from September 30, 2010, reflecting the strong expansion in its loan portfolio.

2010 FOURTH QUARTER OPERATIONAL HIGHLIGHTS

Net interest income before provision for loan losses totaled $16.9 million for the 2010 fourth quarter, compared with $17.1 million for the 2010 third quarter and $15.2 million in the prior-year fourth quarter. The average yield on loans for the 2010 fourth quarter declined to 5.65% from 5.86% for the preceding third quarter, but was up slightly when compared with 5.63% for the 2009 fourth quarter.

The company’s net interest margin (NIM) for the 2010 fourth quarter declined 3 basis points to 3.28% from 3.31% in the immediately preceding third quarter, but was higher when compared with the 2009 fourth quarter NIM of 3.00%.

Noninterest income for the 2010 fourth quarter totaled $4.9 million, compared with $4.4 million in the preceding third quarter and $3.4 million in the prior-year fourth quarter.

Total noninterest expense was relatively stable at $12.5 million for the 2010 fourth quarter, $12.4 million for the 2010 third quarter and $12.5 million for the 2009 fourth quarter. The company’s efficiency ratio for the 2010 fourth quarter improved to 57.12% from 57.61% for the preceding third quarter and 66.95% for the 2009 fourth quarter.

For the 2010 fourth quarter, Center Financial posted net income of $6.5 million and net income available to common shareholders of $5.7 million, equal to $0.14 per diluted common share, after a loan loss provision of $6.0 million and an income tax benefit of $3.1 million. The company said that its income tax benefit for the quarter was due to a reduction in the deferred tax asset valuation allowance by approximately $3.3 million from the September 30, 2010 balance. Net income for the preceding third quarter amounted to $6.0 million and net income available to common shareholders totaled $5.2 million, or $0.13 per diluted common share, which included a loan loss provision of $4.0 million and an income tax benefit of $846,000. In the 2009 fourth quarter, the company incurred a net loss of $24.5 million and net loss available to common shareholders of $25.2 million, or $1.41 per common share, after a loan loss provision of $22.6 million and a net tax provision of $8.0 million after a deferred tax asset impairment of $15.7 million.

For the 2010 fourth quarter, Center Financial posted a return on average assets (ROAA) of 1.12% and a return on average equity (ROAE) of 9.35%. This compares with an ROAA of 1.04% and an ROAE of 8.83% for the 2010 third quarter. For the year-ago fourth quarter, the company reported a loss on average assets equal to 4.44% and a loss on average equity of 48.45%.

Use of Non-GAAP Financial Measures

This news release includes “non-GAAP financial measures” within the meaning of the Securities and Exchange Commission rules. Tangible common equity per common share and tangible common equity to tangible assets are non-GAAP financial measures. Tangible common equity was calculated as total shareholders’ equity less preferred stock and related dividend and accretion of preferred stock discount and net intangible assets. Tangible common equity to tangible assets represents tangible common equity divided by total assets less net intangible assets. The calculation of tangible common equity may differ among companies in light of diversity in presentation in the marketplace. Management believes that these measures are useful when comparing banks with preferred stock due to TARP funding to banks without preferred stock on their balance sheet and for evaluating a company’s capital levels. This information is being provided in response to market participant interest in these financial metrics. This information is not intended to be considered in isolation or as a substitute for the relevant measures calculated in accordance with U.S. GAAP. The reconciliations of these non-GAAP financial measures to GAAP financial measure included in this news release are attached herein.

Investor Conference Call

The company will host an investor conference call on Thursday, February 3, 2011 at 9 a.m. PST (12 noon EST) to review financial results for its 2010 fourth quarter and full year. The institutional investment community is invited to participate in the call by dialing 866-788-0540 (domestic) or 857-350-1678 (international) and entering passcode 29006998. Other interested parties are invited to listen to the live call through a listen-only audio Web broadcast via the Internet in the Investor Relations section of www.centerbank.com. Listeners are encouraged to visit the Web site at least 15 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, the audio broadcast will be archived for one year. A telephonic replay of the call will be available through Thursday, February 10, 2011 by dialing 888-286-8010 (domestic) or 617-801-6888 (international) and entering replay passcode 84231073.

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 leading financial institutions focusing on the Korean-American community, with total assets of $2.27 billion at December 31, 2010. Headquartered in Los Angeles, Center Bank operates a total of 22 full-service branches and two loan production office. The company has 16 full-service branches located throughout Southern California and three branches in Northern California. Center Bank also operates two branches and one loan production office in the Seattle area, one branch in Chicago and a loan production office in Denver. Center Bank is a California state-chartered institution and its deposits are insured by the FDIC to the extent provided by law. For additional information on Center Bank, visit the company’s Web site at www.centerbank.com.

Additional Information and Where to Find It

In connection with the proposed merger, Nara Bancorp, Inc. will file with the SEC a Registration Statement on Form S-4 that will include a Joint Proxy Statement/Prospectus of Center Financial Corporation and Nara Bancorp, as well as other relevant documents concerning the proposed transaction. Shareholders are urged to read the Registration Statement and the Joint Proxy Statement/Prospectus regarding the merger when it becomes available and any other relevant documents filed with the Securities and Exchange Commission (“SEC”), as well as any amendments or supplements to those documents, because they will contain important information. You will be able to obtain a free copy of the Joint Proxy Statement/Prospectus, as well as other filings containing information about Nara Bancorp and Center Financial at the SEC’s Internet site (www.sec.gov). You will also be able to obtain these documents, free of charge, from Nara at www.narabank.com or from Center Financial at www.centerbank.com under the tab “Investor Relations” and then under the heading “SEC Filings.”

Participants in Solicitation

Nara Bancorp, Center Financial and their respective directors, executive officers, management and employees may be deemed to be participants in the solicitation of proxies in respect of the merger. Information concerning Nara Bancorp’s participants is set forth in the proxy statement, dated May 24, 2010, for Nara Bancorp’s 2010 annual meeting of stockholders as filed with the SEC on Schedule 14A. Information concerning Center Financial’s participants is set forth in the proxy statement, dated April 30, 2010, for Center Financial’s 2010 annual meeting of shareholders as filed with the SEC on Schedule 14A. Additional information regarding the interests of participants of Nara Bancorp and Center Financial in the solicitation of proxies in respect of the merger will be included in the registration statement and joint proxy statement/prospectus to be filed with the SEC.

This release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and 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. Factors that might cause such differences include, but are not limited to, those identified in our cautionary statements contained in Center Financial Corp.’s Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2009 (See Business, and Management’s Discussion and Analysis), and other filings with the Securities and Exchange Commission (SEC) are incorporated herein by reference. These factors include, but are not limited to: the health of the national and California economies; competition in the financial services market for both deposits and loans; the ability of Center Financial and its subsidiaries to increase its customer base; customers’ service expectations; changes in interest rates; loan portfolio performance; the company’s ability to secure buyers for foreclosed properties; the successful integration and operations of the FDIC-assisted acquisition; the company’s ability to sustain profitable operations; the company’s ability to capitalize on strategic growth opportunities; and the company’s ability to enhance its earnings capacity. Factors also include, but are not limited to: the successful completion of the proposed merger of equals between Center Financial Corporation and Nara Bancorp; difficulties and delays in integrating the two institutions and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees; the companies’ ability to receive required regulatory and shareholder approvals. 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.

CONTACT:
Center Financial Corporation
Douglas J. Goddard
Interim CFO
213-401-2311
douglasg@centerbank.com
or
Angie Yang
SVP, Investor Relations
213-251-2219
angiey@centerbank.com