Business & Finance
Business and Finance
Business and Finance 
Thu, December 18, 2008
Wed, December 17, 2008
Center Financial Settles First Intercontinental Dispute
LOS ANGELES--([ BUSINESS WIRE ])--Center Financial Corporation (NASDAQ: CLFC), the holding company of Center Bank, today announced it has settled all disputes with First Intercontinental Bank (OTCBB:FIEB), a Georgia State-chartered commercial bank, without admitting any wrongdoing as part of this settlement, for a total consideration paid of $100,000.
On April 4, 2008, First Intercontinental Bank commenced a civil action against Center Financial alleging breach of the parties' September 18, 2007 Agreement and Plan of Reorganization, pursuant to which Center Financial was to acquire all of the outstanding shares of First Intercontinental Bank. Center Financial denied liability and also asserted claims for breach against First Intercontinental. The parties' settlement resolves all claims in the litigation.
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 soundest financial institutions focusing on the Korean-American community, with total assets of $2.04 billion at September 30, 2008. Headquartered in Los Angeles, Center Bank operates 25 branch and loan production offices. Of the company's 19 full-service branches, 16 are located throughout Southern California, along with one branch in Chicago and two in Seattle. Center Bank's six loan production offices are strategically located in Seattle, Denver, Washington D.C., 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 ].