Nara Bancorp (NARA) Commences $70 Million Common Stock Offering
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Nara Bancorp, Inc. (Nasdaq: NARA) 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.
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. [SM]
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