Center Financial Reports 2008 Fourth Quarter and Full Year.

-- Quarter's Results Reflect Increased Loan Loss Provisioning and Additional OTTI Expenses --

-- Company Posts Net Income of $7.0 Million for 2008 in Spite of $17.6 Million in Non-Core Expenses --

LOS ANGELES -- Center Financial Corporation (NASDAQ: CLFC), the holding company of Center Bank, today reported financial results for its fourth quarter and year ended December 31, 2008.

"2008 marked a year of significant achievements, as well as mounting challenges," said Jae Whan (J.W.) Yoo, president and chief executive officer. "The strategic initiatives implemented earlier in the year, along with Center Financial's participation in the U.S. Treasury's Capital Purchase Program, fortified our foundation as we face what is now expected to be a more prolonged and deeper recessionary period. Notably, we completely resolved all potential liabilities under a major legal battle that weighed heavily on the organization for many years. N...

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