Exhibit 99.1

Center Financial Reports 2011 Second Quarter Financial Results

LOS ANGELES--(BUSINESS WIRE)--July 27, 2011--Center Financial Corporation (NASDAQ: CLFC) today reported net income of $4.9 million, or $0.10 per diluted common share, for its 2011 second quarter. This compares with prior-year second quarter net income of $7.5 million, or $0.17 per diluted common share, which included a $5.9 million bargain purchase gain related to an FDIC-assisted acquisition.

“Center Financial’s results for the three months ended June 30, 2011 reflect another solid quarter marked by steady, consistent and sustainable improvements in the overall condition of the bank,” said Richard S. Cupp, president and chief executive officer. “Our sixth consecutive quarter of profitability continues to illustrate Center’s successful rebound from the financial crisis and puts us another step closer to a successful merger with Nara Bancorp later in the year. Improving deposit mix and costs, moderating loan loss provision and credit expenses, and loan and deposit growth were all positive factors contributing to the second quarter performance. Accordingly, our capital position further strengthened and far exceeds minimum regulatory levels, as well as our peer averages. We remain prudent in identifying and managing the risks associated with the loan portfolio, giving us confidence in our ability to deliver ongoing improvements in our overall asset quality, notwithstanding the uncertain economic environment.”

2011 SECOND QUARTER FINANCIAL HIGHLIGHTS

The company’s 2010 second quarter financial results benefited from a $5.9 million bargain purchase gain related to its April 16, 2010 FDIC-assisted acquisition of former Innovative Bank. Loans acquired in the transaction are subject to a loss-sharing agreement with the FDIC and reported separately in the consolidated statements of financial condition as “covered loans.” Center’s legacy portfolio is referred to as “non-covered.”

2011 SECOND QUARTER OPERATIONAL HIGHLIGHTS

Net interest income before provision for loan losses totaled $17.0 million for the 2011 second quarter. This is up 1.4% sequentially from $16.8 million in the 2011 first quarter, but down 2.8% when compared with $17.5 million in the prior-year second quarter.

The average yield on loans for the 2011 second quarter improved three basis points to 5.54% from 5.51% in the preceding first quarter, but is down 18 basis points when compared with 5.72% in the 2010 second quarter. The average cost of interest-bearing deposits continued to improve, decreasing to 1.27% for the 2011 second quarter from 1.34% for the 2011 first quarter and from 1.52% for the 2010 second quarter. Total cost of deposits improved to 0.96% for the 2011 second quarter, compared with 1.05% for the 2011 first quarter and 1.19% for the prior-year second quarter.

The company’s net interest margin (NIM) for the 2011 second quarter increased four basis points to 3.21% from 3.17% in the preceding first quarter, primarily reflecting the nine basis point reduction in the cost of deposits. The company’s NIM for the prior-year second quarter was 3.45%. The company commented that management historically evaluated and reported NIM excluding the cash balances of Federal Reserve deposits as they believed it to be a more meaningful measurement of trends in the loan and investment yields in relation to costs of deposits and borrowings. The reported NIM, which now includes the impact of these deposit balances and related income, is heavily affected this year by the higher balances of Federal Reserve deposits, which earn a nominal interest rate. Excluding the impact of Federal Reserve deposits from the calculation, NIM was 3.69%, 3.49% and 3.53%, respectively for the 2011 second quarter, 2011 first quarter and 2010 second quarter.

Noninterest income totaled $6.0 million for the 2011 second quarter, compared with $7.6 million for the preceding first quarter and $11.1 million for the prior-year second quarter. In the first quarter, reflecting an SBA rule change that became effective in the 2011 first quarter, the company recorded a net $3.8 million gain on sale of loans in the preceding first quarter, which included the recognition of deferred gains of $1.8 million on the SBA loan transfer in the 2010 fourth quarter, as well as a gain of $2.0 million on the 2011 first quarter SBA loan sales. In the year-ago second quarter, noninterest income included a $5.9 million bargain purchase gain related to the FDIC-assisted acquisition of former Innovative Bank. Excluding the net impact of the SBA rule change and the bargain purchase gain in the prior comparable periods, total noninterest income for the 2011 second quarter improved from the prior periods.

Total noninterest expense for the 2011 second quarter equaled $12.8 million. This compares with $13.0 million for the 2011 first quarter and $12.3 million for the second quarter a year ago. The company’s efficiency ratio for the 2011 second quarter rose to 55.66% from 53.26% in the preceding first quarter. In the 2010 second quarter, the company’s considerably lower efficiency ratio of 43.01% largely reflected the benefit from the $5.9 bargain purchase gain.

For the 2011 second quarter, Center Financial posted net income of $4.9 million and net income available to common shareholders of $4.1 million, equal to $0.10 per diluted common share. This includes a $1.8 million gain on sale of loans and an income tax provision of $285,000, which reflects a reduction in the deferred tax asset valuation allowance by approximately $1.7 million from the March 31, 2011 balance. For the preceding 2011 first quarter, net income amounted to $4.9 million and net income available to common shareholders totaled $4.1 million, equal to $0.10 per diluted common share. This included a $3.8 million gain on sale of loans and an income tax provision of $505,000. For the 2010 second quarter, net income amounted to $7.5 million and net income available to common shareholders was $6.8 million, equal to $0.17 per diluted common share. The 2010 second quarter net income included a $1.2 million gain on sale of securities, a $5.9 million bargain purchase gain and an income tax provision of $3.8 million.

For the 2011 second quarter, Center Financial’s return on average assets (ROAA) and return on average equity (ROAE) were relatively steady at 0.86% and 6.97%, respectively, when compared with an ROAA of 0.86% and an ROAE of 7.17% for the preceding first quarter. The company’s reported ROAA of 1.38% and ROAE of 11.52% in the 2010 second quarter was largely affected by the $5.9 million bargain purchase gain.

ASSET QUALITY

At June 30, 2011, total non-covered nonperforming assets net of SBA guarantees amounted to $36.2 million. This is up modestly from $34.3 million at March 31, 2011, but down significantly when compared with $67.0 million a year ago at June 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 equaled 2.49% at June 30, 2011, compared with 2.37% at March 31, 2011 and 4.54% at June 30, 2010. As of June 30, 2011, the company’s non-covered OREO portfolio had a carrying value of $133,000, compared with carrying values of $144,000 at March 31, 2011 and $2.8 million at June 30, 2010.

Non-covered nonperforming loans net of SBA guarantees rose modestly to $36.0 million at June 30, 2011 from $34.1 million at March 31, 2011, as new inflows of loans into nonperforming status ticked up from the preceding quarter to $10.5 million and exceeded outflows of $8.6 million. Of the new nonaccruals, commercial and industrial (C&I) loans represented 47%, commercial real estate (CRE) loans accounted for 46% and consumer loans equaled 7%. The company did not transfer any loans to loans held for sale during the quarter. At the close of the 2010 second quarter, non-covered nonperforming loans net of SBA guarantees totaled $64.2 million.

Delinquent non-covered loans 30 to 89 days past due net of SBA guarantees declined to $6.1 million at June 30, 2011 from $10.4 million at March 31, 2011, as inflows into non-covered past due status decreased significantly from the preceding quarter by more than half to $4.2 million. Non-covered loans past due 30 to 89 days at June 30, 2010 totaled $10.7 million.

Performing troubled debt restructurings (TDRs) that are not accounted for in non-covered nonaccrual or delinquent loans amounted to $19.1 million at June 30, 2011, $19.9 million at March 31, 2011 and $17.7 million at June 30, 2010.

Non-covered loan net charge-offs during the 2011 second quarter declined to $6.4 million from $7.0 million in the preceding 2011 first quarter and from $7.6 million in the year-ago second quarter. As a percentage of average non-covered loans on an annualized basis, non-covered loan net charge-offs equaled 1.85% for the 2011 second quarter, compared with 1.91% for the 2011 first quarter, and 1.61% for the 2010 second quarter.

Center Financial recorded a provision for loan losses of $5.0 million in the 2011 second quarter, compared with $6.0 million in the preceding first quarter and $5.0 million in the second quarter a year ago.

At June 30, 2011, the company’s allowance for loan losses for non-covered loans totaled $49.6 million, reflecting decreases from $51.0 million at March 31, 2011 and $58.4 million at June 30, 2010. As a percentage of gross non-covered loans, the allowance for loan losses equaled 3.41% at June 30, 2011, 3.53% at March 31, 2011 and 3.97% at June 30, 2010.

LOANS & DEPOSITS

Non-covered loans at June 30, 2011 totaled $1.46 billion, compared with $1.45 billion at March 31, 2011 and $1.53 billion at December 31, 2010. Covered loans at June 30, 2011 declined to $102.6 million from $111.8 million at March 31, 2011 and $117.3 million at December 31, 2010. Total loans at June 30, 2011 amounted to $1.56 billion.

Total deposits at June 30, 2011 rose to $1.79 billion from $1.78 billion at March 31, 2011 and from $1.77 billion at December 31, 2010. The increase in deposits is primarily attributable to a $48.3 million increase in noninterest-bearing demand deposits, offset by a $32.1 million reduction in jumbo certificates of deposit. As a percentage of total deposits, noninterest-bearing demand deposits rose to 25.5% at June 30, 2011 from 23.0% at March 31, 2011 and from 22.4% at year-end 2010. The company’s loan-to-deposit ratio equaled 84.1% at June 30, 2011, compared with 84.7% at March 31, 2011 and 89.9% at December 31, 2010.

BALANCE SHEET SUMMARY & CAPITAL

Total assets at June 30, 2011 amounted to $2.27 billion, compared with $2.26 billion March 31, 2011 and $2.27 billion at December 31, 2010. Average interest-earning assets equaled $2.13 billion for the 2011 second quarter, compared with $2.15 billion for the 2011 first quarter and $2.14 billion for the 2010 fourth quarter.

Total shareholders’ equity at June 30, 2011 rose to $285.0 million from $278.9 million at March 31, 2011 and from $274.0 million at December 31, 2010. Tangible common equity as a percentage of tangible assets, which is a non-GAAP financial measure, rose to 10.14% at June 30, 2011 from 9.91% at March 31, 2011 and from 9.65% at December 31, 2010.

With its sixth consecutive profitable quarter of operations, Center Financial’s capital position further strengthened and continued to be well in excess of both minimum guidelines for “well-capitalized” institutions and regulatory requirements. At June 30, 2011, Total Risk-Based capital ratio was 20.67%, Tier 1 Risk-Based capital ratio equaled 19.39% and Tier 1 Leverage ratio amounted to 13.20%, all reflecting increases from the levels at March 31, 2011 and December 31, 2010.

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, July 28, 2011 at 9 a.m. PDT (12 noon EDT) to review financial results for its 2011 second quarter. The institutional investment community is invited to participate in the call by dialing 866-356-4281 (domestic) or 617-597-5395 (international) and entering passcode 80839701. 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, August 4, 2011 by dialing 888-286-8010 (domestic) or 617-801-6888 (international) and entering replay passcode 74655358.

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 June 30, 2011. Headquartered in Los Angeles, Center Bank operates a total of 22 full-service branches and two loan production offices. 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 of Center Financial Corporation and Nara Bancorp, Inc., Nara has filed a Registration Statement on Form S-4 (Registration No. 333-173511) with the Securities and Exchange Commission (SEC) that includes a Joint Proxy Statement/Prospectus of Center Financial Corporation and Nara Bancorp, as well as other relevant documents concerning the proposed merger. Shareholders are urged to read the Registration Statement and the Joint Proxy Statement/Prospectus regarding the merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain or will contain important information about the transaction. You may 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 Web site (www.sec.gov). You may also obtain these documents free of charge from Center at http://www.centerbank.com or from Nara at http://www.narabank.com under the tab “Investor Relations” and then under the heading “SEC Filings.”

Participants in Solicitation

Center Financial, Nara Bancorp 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 Center Financial’s participants is set forth in its Form 10-K Annual Report filed with the SEC for the year ended December 31, 2010, as amended by its Form 10-K/A filed with the SEC on April 29, 2011. Information concerning Nara Bancorp’s participants is set forth in its Form 10-K Annual Report for the year ended December 31, 2010, as amended by its Form 10-K/A filed with the SEC on April 26, 2011. Additional information regarding the interests of participants of Center Financial and Nara Bancorp in the solicitation of proxies in respect of the merger is included in the Registration Statement and Joint Proxy Statement/Prospectus 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 for the fiscal year ended December 31, 2010, as amended (See Business, and Management’s Discussion and Analysis), and other filings with the 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 sustain profitable operations; and the company’s ability to capitalize on strategic growth opportunities. 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