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tkat took the penny on my way out will keep on watch tho
TKAT .039 snagged some on merger news:)
ah news:OTCBB:FIEB) today announced the signing of a definitive agreement for Center to acquire First Intercontinental.
Organized in 2000, First Intercontinental Bank is a Georgia State chartered commercial bank headquartered in Doraville, Georgia, the commercial business center of Atlanta’s Asian community. First Intercontinental currently operates four full-service branches located in Doraville, two in Duluth and in Suwannee, targeting the Korean-American and other ethnic communities in the greater Atlanta metropolitan area. As of June 30, 2007, First Intercontinental had $232 million in total assets, $151 million in loans and $208 million in deposits.
“As the first Korean-American bank to be established in the Atlanta market, First Intercontinental has expanded tremendously during its first seven years by serving the vibrant and rapidly growing Asian and ethnic communities in the greater Atlanta area,” said Jae Whan (J.W.) Yoo, president and chief executive officer of Center Financial. “We see First Intercontinental as an excellent platform from which we can expand Center’s growing network into the Southeast and East Coast. Together we will build a much stronger franchise to serve the financial needs of Korean-American and other ethnic small business entrepreneurs across the country. With the addition of Center Bank’s proven lending expertise and a much broader offering of sophisticated products and services, we will be able to capitalize on even greater opportunities in a geographic market that has been a major center of commerce in the Southeast and reportedly is one of the nation’s fastest growing metropolitan areas.”
Under the terms of the definitive agreement, which has been approved by each respective board of directors, First Intercontinental will be merged into a newly formed Georgia state chartered banking subsidiary that will operate under the First Intercontinental Bank name. Center Financial will become a multi-bank holding company with Center Bank and First Intercontinental Bank as its two wholly owned banking subsidiaries.
The transaction is valued at $22.27 per fully diluted share of First Intercontinental Bank common stock, based on a total purchase price of $65.2 million to be paid to First Intercontinental shareholders, payable 60% in cash and 40% in Center common stock. First Intercontinental shareholders may elect to receive cash, stock or a combination of both, but individual elections will be adjusted if necessary based on a formula so that the total percentages paid will be as described above. Included in the total purchase price, Center Financial will pay approximately $3.6 million related to the cash-out of the outstanding stock options of First Intercontinental.
Choong S. Cho, chairman of the board of First Intercontinental Bank, said, “We are very excited to become a part of the Center Financial franchise. We believe this combination will create tremendous added value for our shareholders, employees and the communities that we serve. In addition to the increased lending capacity and a significantly expanded offering of products and services, including international trade finance expertise and sophisticated cash management tools, our management team and board will gain many other benefits from the added expertise and guidance of Center. Moreover, Center’s strong commitment to maintaining an outstanding asset quality will help ensure sound, continued expansion for our rapidly growing organization. We are fortunate to share a similar commitment with Center to providing the highest quality in relationship banking services to our customers. As a result of this transaction, First Intercontinental Bank will further strengthen its position as the premier Korean-American financial institution serving the greater Atlanta communities.”
Based on the financial results reported as of June 30, 2007, the combined company will have approximately $2.15 billion in total assets, $1.77 billion in loans and $1.79 billion in deposits. The transaction is anticipated to be completed during the first quarter of 2008, pending First Intercontinental’s shareholder approval, regulatory approvals and other customary closing conditions. Center Financial expects the acquisition will be neutral to its earnings in 2008 and accretive beginning in 2009 and thereafter.
Yoo added: “I am very pleased to be able to enter into this transaction in 2007 which has been an important time of renewed building and strengthening at Center Bank led by a new management team with broader experience and streamlined organizational structure, and which was marked by the lifting of our BSA-related memorandum of understanding earlier in the year. Exemplifying our board’s absolute confidence in the long-term prospects of Center Bank and strong commitment to our shareholders, we also initiated during this year a $10.0 million share repurchase plan and increased our quarterly dividend by 25 percent. We are now in a much stronger position to begin our next phase of growth, with branch expansion in the existing markets in Southern California, Seattle and Chicago, as well as strategic opportunities to enter new markets such as Atlanta in order to further enhance the long term value of our organization for Center’s customers, employees and shareholders.”
The closing of the transaction is subject to the approvals of the Federal Reserve Board, the FDIC and the Georgia Department of Banking and Finance, as well as the approval of First Intercontinental’s shareholders. Closing of the transaction is expected in the first quarter of 2008.
In connection with the proposed merger, Center Financial will file a Form S-4 Registration Statement to register the shares of its common stock to be issued in the transaction. First Intercontinental Bank will file with the Securities and Exchange Commission (SEC) a proxy statement that will be sent to the company’s shareholders seeking their approval of the proposed transaction. Both companies will file other relevant documents regarding the merger with the SEC.
CENTER FINANCIAL CORPORATION AND FIRST INTERCONTINENTAL BANK URGES INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT AND PROXY, ALONG WITH ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT CENTER FINANCIAL, FIRST INTERCONTINENTAL AND THE PROPOSED MERGER.
Center Financial’s Form S-4 and any other relevant documents may also be obtained free of charge from the company’s Web site (www.centerbank.com) in the “Investor Relations” section under “SEC Filings.” Copies will also be available free of charge by directing a request by telephone or mail to PondelWilkinson Inc., 1880 Century Park East, Suite 700, Los Angeles, CA 90067, telephone 301-279-5980. Copies of First Intercontinental’s proxy statement and any other relevant documents may be obtained free of charge by directing a request by telephone or mail to First Intercontinental Bank, 5593 Buford Highway, Doraville, GA 30340, telephone 770-451-7200.
Center Financial and First Intercontinental and their respective directors and executive officers may be deemed participants in the solicitation of proxies from First Intercontinental’s shareholders in connection with the proposed merger. Information about the directors and executive officers of First Intercontinental and information about other persons who may be deemed participants in the proposed merger will be included in the proxy statement. Information about Center Financial’s executive officers and directors may be found in its definitive proxy statement filed with the SEC on April 20, 2007. Free copies of Center Financial’s definitive proxy may be obtained on the company’s Web site noted above.
Investor Conference Call
The company will host an investor conference call at 5:45 p.m. EDT (2:45 p.m. PDT) today, September 18, 2007 to discuss the pending transaction. The call will be open to all interested investors through a live, listen-only audio Web broadcast via the Internet at www.centerbank.com and www.earnings.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 call will be archived for 30 days at both Web sites. A telephone replay of the call will be available through 8:00 p.m. EDT, Friday, September 21, 2007 by dialing 888-286-8010 (domestic) or 617-801-6888 (international) and entering passcode 72156381.
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 $1.91 billion at June 30, 2007. Headquartered in Los Angeles, Center Bank operates 25 branch and loan production offices. 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 eight loan production offices are strategically located in Phoenix, Seattle, Denver, Washington D.C., Las Vegas, Atlanta, Dallas and Northern California. 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.
About First Intercontinental Bank
Organized in 2000, First Intercontinental Bank is a Georgia State chartered commercial bank headquartered in Doraville, Georgia, the commercial business center of Atlanta’s Asian community. First IC currently operates four full-service branches located in Doraville, two in Duluth and in Suwannee, targeting the Korean-American and other ethnic communities in the greater Atlanta metropolitan area. As of June 20, 2007, First IC Bank had $232 million in total assets, $151 million in loans and $208 million in deposits. For additional information on First IC Bank, visit the company’s Web site at www.firsticbank.com.
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. These forward-looking statements include, but are not limited to, statements regarding the next phase of growth for Center Financial and Center Bank, integration risks associated with the First Intercontinental Bank acquisitions, satisfaction of various closing conditions and receipt of all regulatory approvals. 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, 2006 (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: competition in the financial services market for both deposits and loans; the ability of Center Financial and its subsidiaries to increase its customer base; changes in interest rates; new litigation or changes or adverse developments in existing litigation; and regional and general economic conditions. 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.
Center Financial Corporation Contacts:
Lonny Robinson
Chief Financial Officer
213-401-2311
or
Investor Relations
PondelWilkinson Inc.
Angie Yang
310-279-5980
ayang@pondel.com
or
First Intercontinental Bank Contacts:
Daniel C. Lee
President
770-451-7200
yep...i would ;)!
FIEB $12 CLFC buyout price$22.27 ah newsCenter Financial Signs Definitive Agreement to Acquire Atlanta-Ba
ed First Intercontinental Bank
Center Financial Signs Definitive Agreement to Acquire Atlanta-Based First Inter
ontinental Bank
Business Editors
LOS ANGELES & ATLANTA--(BUSINESS WIRE)----
Center Financial Corporation (NASDAQ:CLFC) and First
Intercontinental Bank (OTCBB:FIEB) today announced the signing of a
definitive agreement for Center to acquire First Intercontinental.
Organized in 2000, First Intercontinental Bank is a Georgia State
chartered commercial bank headquartered in Doraville, Georgia, the
commercial business center of Atlanta's Asian community. First
Intercontinental currently operates four full-service branches located
in Doraville, two in Duluth and in Suwannee, targeting the
Korean-American and other ethnic communities in the greater Atlanta
metropolitan area. As of June 30, 2007, First Intercontinental had
$232 million in total assets, $151 million in loans and $208 million
in deposits.
"As the first Korean-American bank to be established in the
Atlanta market, First Intercontinental has expanded tremendously
during its first seven years by serving the vibrant and rapidly
growing Asian and ethnic communities in the greater Atlanta area,"
said Jae Whan (J.W.) Yoo, president and chief executive officer of
Center Financial. "We see First Intercontinental as an excellent
platform from which we can expand Center's growing network into the
Southeast and East Coast. Together we will build a much stronger
franchise to serve the financial needs of Korean-American and other
ethnic small business entrepreneurs across the country. With the
addition of Center Bank's proven lending expertise and a much broader
offering of sophisticated products and services, we will be able to
capitalize on even greater opportunities in a geographic market that
has been a major center of commerce in the Southeast and reportedly is
one of the nation's fastest growing metropolitan areas."
Under the terms of the definitive agreement, which has been
approved by each respective board of directors, First Intercontinental
will be merged into a newly formed Georgia state chartered banking
subsidiary that will operate under the First Intercontinental Bank
name. Center Financial will become a multi-bank holding company with
Center Bank and First Intercontinental Bank as its two wholly owned
banking subsidiaries.
The transaction is valued at $22.27 per fully diluted share of
First Intercontinental Bank common stock, based on a total purchase
price of $65.2 million to be paid to First Intercontinental
shareholders, payable 60% in cash and 40% in Center common stock.
First Intercontinental shareholders may elect to receive cash, stock
or a combination of both, but individual elections will be adjusted if
necessary based on a formula so that the total percentages paid will
be as described above. Included in the total purchase price, Center
Financial will pay approximately $3.6 million related to the cash-out
of the outstanding stock options of First Intercontinental.
Choong S. Cho, chairman of the board of First Intercontinental
Bank, said, "We are very excited to become a part of the Center
Financial franchise. We believe this combination will create
tremendous added value for our shareholders, employees and the
communities that we serve. In addition to the increased lending
capacity and a significantly expanded offering of products and
services, including international trade finance expertise and
sophisticated cash management tools, our management team and board
will gain many other benefits from the added expertise and guidance of
Center. Moreover, Center's strong commitment to maintaining an
outstanding asset quality will help ensure sound, continued expansion
for our rapidly growing organization. We are fortunate to share a
similar commitment with Center to providing the highest quality in
relationship banking services to our customers. As a result of this
transaction, First Intercontinental Bank will further strengthen its
position as the premier Korean-American financial institution serving
the greater Atlanta communities."
Based on the financial results reported as of June 30, 2007, the
combined company will have approximately $2.15 billion in total
assets, $1.77 billion in loans and $1.79 billion in deposits. The
transaction is anticipated to be completed during the first quarter of
2008, pending First Intercontinental's shareholder approval,
regulatory approvals and other customary closing conditions. Center
Financial expects the acquisition will be neutral to its earnings in
2008 and accretive beginning in 2009 and thereafter.
Yoo added: "I am very pleased to be able to enter into this
transaction in 2007 which has been an important time of renewed
building and strengthening at Center Bank led by a new management team
with broader experience and streamlined organizational structure, and
which was marked by the lifting of our BSA-related memorandum of
understanding earlier in the year. Exemplifying our board's absolute
confidence in the long-term prospects of Center Bank and strong
commitment to our shareholders, we also initiated during this year a
$10.0 million share repurchase plan and increased our quarterly
dividend by 25 percent. We are now in a much stronger position to
begin our next phase of growth, with branch expansion in the existing
markets in Southern California, Seattle and Chicago, as well as
strategic opportunities to enter new markets such as Atlanta in order
to further enhance the long term value of our organization for
Center's customers, employees and shareholders."
The closing of the transaction is subject to the approvals of the
Federal Reserve Board, the FDIC and the Georgia Department of Banking
and Finance, as well as the approval of First Intercontinental's
shareholders. Closing of the transaction is expected in the first
quarter of 2008.
In connection with the proposed merger, Center Financial will file
a Form S-4 Registration Statement to register the shares of its common
stock to be issued in the transaction. First Intercontinental Bank
will file with the Securities and Exchange Commission (SEC) a proxy
statement that will be sent to the company's shareholders seeking
their approval of the proposed transaction. Both companies will file
other relevant documents regarding the merger with the SEC.
CENTER FINANCIAL CORPORATION AND FIRST INTERCONTINENTAL BANK URGES
INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT AND
PROXY, ALONG WITH ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE
SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT CENTER FINANCIAL, FIRST INTERCONTINENTAL
AND THE PROPOSED MERGER.
Center Financial's Form S-4 and any other relevant documents may
also be obtained free of charge from the company's Web site
(www.centerbank.com) in the "Investor Relations" section under "SEC
Filings." Copies will also be available free of charge by directing a
request by telephone or mail to PondelWilkinson Inc., 1880 Century
Park East, Suite 700, Los Angeles, CA 90067, telephone 301-279-5980.
Copies of First Intercontinental's proxy statement and any other
relevant documents may be obtained free of charge by directing a
request by telephone or mail to First Intercontinental Bank, 5593
Buford Highway, Doraville, GA 30340, telephone 770-451-7200.
Center Financial and First Intercontinental and their respective
directors and executive officers may be deemed participants in the
solicitation of proxies from First Intercontinental's shareholders in
connection with the proposed merger. Information about the directors
and executive officers of First Intercontinental and information about
other persons who may be deemed participants in the proposed merger
will be included in the proxy statement. Information about Center
Financial's executive officers and directors may be found in its
definitive proxy statement filed with the SEC on April 20, 2007. Free
copies of Center Financial's definitive proxy may be obtained on the
company's Web site noted above.
Investor Conference Call
The company will host an investor conference call at 5:45 p.m. EDT
(2:45 p.m. PDT) today, September 18, 2007 to discuss the pending
transaction. The call will be open to all interested investors through
a live, listen-only audio Web broadcast via the Internet at
www.centerbank.com and www.earnings.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 call will be archived for 30 days at both Web sites. A
telephone replay of the call will be available through 8:00 p.m. EDT,
Friday, September 21, 2007 by dialing 888-286-8010 (domestic) or
617-801-6888 (international) and entering passcode 72156381.
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 $1.91 billion at June 30, 2007. Headquartered in Los
Angeles, Center Bank operates 25 branch and loan production offices.
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 eight loan production offices are strategically
located in Phoenix, Seattle, Denver, Washington D.C., Las Vegas,
Atlanta, Dallas and Northern California. 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.
About First Intercontinental Bank
Organized in 2000, First Intercontinental Bank is a Georgia State
chartered commercial bank headquartered in Doraville, Georgia, the
commercial business center of Atlanta's Asian community. First IC
currently operates four full-service branches located in Doraville,
two in Duluth and in Suwannee, targeting the Korean-American and other
ethnic communities in the greater Atlanta metropolitan area. As of
June 20, 2007, First IC Bank had $232 million in total assets, $151
million in loans and $208 million in deposits. For additional
information on First IC Bank, visit the company's Web site at
www.firsticbank.com.
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. These
forward-looking statements include, but are not limited to, statements
regarding the next phase of growth for Center Financial and Center
Bank, integration risks associated with the First Intercontinental
Bank acquisitions, satisfaction of various closing conditions and
receipt of all regulatory approvals. 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, 2006 (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: competition
in the financial services market for both deposits and loans; the
ability of Center Financial and its subsidiaries to increase its
customer base; changes in interest rates; new litigation or changes or
adverse developments in existing litigation; and regional and general
economic conditions. 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.
KEYWORD: NORTH AMERICA CALIFORNIA GEORGIA UNITED STATES
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING MERGER/ACQUISITION CONFERENCE CA
L WEBCAST
SOURCE: Center Financial Corporation
CONTACT INFORMATION:
Center Financial Corporation Contacts:
Lonny Robinson
Chief Financial Officer
213-401-2311
or
Investor Relations
PondelWilkinson Inc.
Angie Yang
310-279-5980
ayang@pondel.com
or
First Intercontinental Bank Contacts:
Daniel C. Lee
President
770-451-7200
*** end of story ***
well apparently you havent researched this board thoroughly
pay att you could learn somethin glty all the best wb
I would expct nothing less from you gl
its like forcing a tree to grow before the roots take :::not happeninin in your tmeframe? too f'n bad yuo want answers and you want em now...oh well, balls not i your court ...les see what you do with it when it REALLY IS:---- CAN U DELVER???GROW UP PEOPLE
the real question is why bother to email him when you'r just gnna harrass your broker and dowat you want anyway
mik sees .18 yeah baby!!!
heey stranger:) im with yu...it make no sense to check on certs if 205s not released yet,it makes the effort moot, wait for tm then "suprise attack" with a broker deluge" what yall are doing now is showing your hand so the enemy can prepare!!
whew MIOK .15 flyin as .06 two weeks ago
but he could say that transfer/exch is complete ,anyone has a prob talk to their broker
reeowww :) forget aall about bcit on 1 of those!!
no oversight ,im sure he did it intentionally just to irritate you
lol jmho
; )!! hmmmmm
eeeegggzactly alynn fingers crossed :)
aww man always a catch, damn LOL
weelll that doesnt look so bad :)
and if,IF our mm has control for 30dys we shld have enough time to play before manipulators come on board
request they be deposited in your acc not physically sent to your address
yup,excactly DB plus the deluge will be unavoidable
so dont request certs,request shs be exch/updated to 205's
thats all we can do at this point except be ready to pounce when the door opens glt us all
well whats your alternative??just bitchin aint gonna get ya squat Imo-1st ones to act will be first ones to be back on the open market
when the pieces are in place thats their only option imo MI
you'll get your "f'n" certs when the brokers buy enough to cover your sh on the open mkt
lol ive tried but the line betwee bannedfrom the board and thrown in jail is a fine one ;i ve enjoyed my membership since 2000 but thisboard just drive me nuts sometimes:.. so like on my ambulance occasionally PASSIVE restrains are required :)
actually im gnna rquest to be banned because not rsponding to idiotic questions is impossible
delete it?? hell, put it in the ibox dude!!thx
note to self:dont mess w/alynn :)!!!
understandable; just wrong order- im trained to take a situation-THOROUGHLY asess the threat not react cuz my prides been hurt(how DARE ANYONE sue YOU... they must not know who you are)THEN I act accordingly , which i did( ten bucks)...am i angry its gone on this long yes ,but i keep costs down dont hold up advancements and wait to see how it plays out
expensive could mean costly in"TIME" also
.you're projecting and reaching you've no proof as to why they dismissed
very doubtfull:!the proof is in the numbers(dewd))
14 out of 1500? that in itself speaks VOLUMESwhy only they, needed excessive att fees? what of us 1486?lol ...i want my ten dollars back dangit... who do i sue, the post office??
LOL jack handy is VERY well known in CERTAIN circles if you are unfamiliar with his work i suggest you enlighten yourself post haste his influence can be very substantial in this matter !!
weee mtpw daily double miok gettin some nice buys too
its a legal venue for trading if not then do away with it the only reason they "powers that be let it continue is that it makes the big boys a ton of money ...now its time for them to pay the piper