Shareholders at Nara Bancorp Inc. and Center Financial Corp. have approved the planned merger of the two Los Angeles companies.
The $286 million deal was first announced in December 2010 and is expected to close in the fourth quarter of this year. The transaction would create the largest Korean-American-owned bank in the United States with roughly $5.3 billion of assets and more than 40 branches in California, New York, New Jersey, Seattle and Chicago.
In a press release Wednesday, the companies said that approximately 74% of Nara's outstanding stock and more than 99% of the total votes cast were in favor of the merger. For Center Financial, about 77% of outstanding stock and over 99% of the total votes cast were for the merger.
The companies had previously stated that they would create a new name after the merger. Nara's shareholders would own 55% of the company while Center Financial's shareholders would own the remainder.
