Filing Details

Accession Number:
0001181431-10-018899
Form Type:
4
Zero Holdings:
No
Publication Time:
2010-03-30 13:00:00
Reporting Period:
2010-03-26
Filing Date:
2010-03-30
Accepted Time:
2010-03-30 21:53:11
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
1174820 Center Financial Corp CLFC State Commercial Banks (6022) 522380548
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1250292 Youngsuk Peter Kim 3435 Wilshire Blvd., Suite 700
Los Angeles CA 90010
Yes No No No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Preferred Stock, Series B Disposition 2010-03-26 525 $1,000.00 0 No 4 S Direct
Common Stock Acquisiton 2010-03-26 140,000 $0.00 753,367 No 4 P Direct
Common Stock Acquisiton 2010-03-26 11,264 $0.00 764,631 No 4 P Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 S Direct
No 4 P Direct
No 4 P Direct
Footnotes
  1. The price for this transaction is zero because it involves an exchange of shares. The transaction represents the conversion of shares of the Company's Mandatorily Convertible Non-Cumulative Non-Voting Perpetual Preferred Stock, Series B ("Series B Preferred Stock") into common stock. The shares of Series B Preferred Stock were purchased from the Company in a private placement which closed on December 31, 2009 (the "December Private Placement"), at a purchase price of $1,000 per share. The issuance of the common shares upon the conversion of the Series B Preferred Stock was approved by the shareholders on March 24, 2010 and occurred automatically on March 29, 2010. Each share of Series B Preferred Stock was converted into a number of shares of common stock determined by dividing $1,000 per share by the initial conversion price of $3.75 per share.
  2. The price for this transaction is zero because it involves the issuance of additional shares to the reporting person without additional consideration in connection with a private placement of common stock that closed on November 30, 2009 (the "November Private Placement"). This transaction effectively adjusted the price paid for shares in the November Private Placement to $3.71 per share through the issuance of these additional shares. The shares in the November Private Placement were sold at a purchase price per share of $4.69 for directors and employees of the Company and $3.71 for other investors. The difference in the purchase price was necessary to comply with NASDAQ Listing Rule 5635(c). (Continued in Footnote 3)
  3. The Company's shareholders approved the November Private Placement at a special meeting held on March 24, 2010, so that all investors in that private placement could be treated equally consistent with the NASDAQ rules and the additional shares could be issued to effectively adjust the purchase price.