Nara Bancorp Inc. and Center Financial Corp. said on Monday that they had cleared their last regulatory hurdle for their planned merger after they received approval from the Federal Deposit Insurance Corp.
The Los Angeles-based received the go ahead from the California Department of Financial Institutions and the Federal Reserve Bank of San Francisco last week. The deal is expected to be completed by Nov. 30.
The $3 billion-asset Nara also said Monday that regulators have lifted certain informal enforcement actions that were imposed in late 2010, citing the bank's improved asset quality, profitability and capital ratios. The $2.3 billion-asset Center Financial said previously that it had terminated its informal memorandum of understanding with regulators.
The companies
Last week Nara