Nara Bancorp (NARA) President and CEo Min Kim Resigns; Alvin D. King to Take Over

January 21, 2010 7:26 AM EST
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Nara Bancorp, Inc. and Nara Bank (NASDAQ: NARA) today announced that Min Kim has submitted her resignation as President, Chief Executive Officer and Director of Nara Bancorp to pursue personal interests. Following acceptance of Ms. Kim's resignation, the Company further announced that it has appointed Alvin D. Kang to the position of President and Chief Executive Officer. Mr. Kang, 65, has served as Executive Vice President and Chief Financial Officer of Nara Bancorp since July 2005.

"We are deeply grateful to Ms. Kim for her many years of service to Nara Bancorp and we wish her well in her future endeavors," said Dr. Chong-Moon Lee, Chairman of the Board of Directors.

"One of the Board's top priorities has been building a deep management team that would provide excellent internal candidates for CEO succession. Since joining Nara as CFO in 2005, Al has brought a superior level of financial discipline and expertise to the Company. He has played a major strategic role in all key operational areas of the Company and his influence has been felt far beyond our finance department. We are confident that Al will excel in his new role and help Nara enhance its position as a leading Korean-American bank," said Dr. Lee.

"While I am sad to see my colleague Min leave Nara Bancorp, I am very excited to assume the role of CEO," said Mr. Kang. "Although there are many challenges ahead as we continue to manage through a difficult economic environment, I am very optimistic about the long-term opportunities for Nara Bancorp. I feel fortunate to be supported by a talented team of managers and an outstanding group of employees. Together, we will continue to build the foundation that will lead to profitable growth in the years ahead."

Prior to joining the Company, Mr. Kang was Chief Operating Officer and Chief Financial Officer of Broadway Financial Corporation and COO and CFO of Broadway Federal Bank. Mr. Kang also served as a financial services audit partner at both KPMG LLP and Ernst & Young LLP. Regulatory concurrence for his appointment to President and CEO is under way.

Christine Oh, Nara Bancorp's Senior Vice President and Controller, has been appointed to the position of Interim Chief Financial Officer while the Company conducts a search for a permanent CFO.

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