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Nara Bancorp to raise $70 million through public offering

Posted on: Tue, 20 Oct 2009 14:51:00 EDT

Symbols: NARA

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Oct 20, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
NARA | Quote | Chart | News | PowerRating -- Nara Bancorp, Inc., the US-based bank holding company of Nara Bank, has commenced an underwritten public offering of approximately $70 million of its common stock.

Nara Bancorp intends to grant the underwriter an option to purchase up to an additional 15% of common stock sold in the offering to cover over-allotments.

Keefe, Bruyette & Woods, Inc. is acting as the sole underwriter for the offering.

Deal Value (US$ Million) 70
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-10-19

Deal Participants

Target (Company) Nara Bancorp, Inc.

Deal Rationale

Nara Bancorp intends to use the net proceeds of the offering for general corporate purposes. These purposes include funding working capital requirements, supporting growth of Nara Bancorp's banking business, including both internal growth and growth from possible acquisitions, and related regulatory capital needs.

For full details on Nara Bancorp Inc (NARA) NARA. Nara Bancorp Inc (NARA) has Short Term PowerRatings at TradingMarkets. Details on Nara Bancorp Inc (NARA) Short Term PowerRatings is available at This Link.

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