UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 24, 2007
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Nara Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-50245 95-4170121
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
3731 Wilshire Boulevard, Suite 1000, Los Angeles, CA 90010
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (213) 639-1700
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On August 21, 2007, a panel of arbitrators for the American Arbitration
Association issued an interim award in the matter of an arbitration between Nara
Bancorp, Inc. and Nara Bank ("Nara"), Claimant, and Benjamin B. Hong, Nara
Bancorp, Inc.'s former Chief Executive Officer, Respondent. Nara had sought
recovery from Mr. Hong of certain damages it incurred and other statutory claims
related to the 2005 restatement of its financial statements and related events.
Mr. Hong had sought a bonus payment from Nara relating to his employment as
interim Chief Executive Officer during 2004.
The arbitrators denied Nara's claims and ruled in favor of Mr. Hong, awarding
him the sum of $742,201.00 (plus 10% interest per annum until paid) -- the
amount of a bonus accrued during Mr. Hong's employment as interim Chief
Executive Officer during 2004. The arbitrators also awarded Mr. Hong his
attorney fees and costs in the arbitration.
Nara already accrued the bonus payment during fiscal 2005. Nara expects to
accrue a liability in the third quarter of 2007 of approximately $178,939.00 for
interest due on this amount and for estimated attorney's fees and costs. Final
determination by the arbitrators regarding attorney's fees and costs is expected
in the fourth quarter of 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NARA BANCORP, INC.
Date: August 24, 2007 /s/ Alvin D. Kang
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Alvin D. Kang
Executive Vice President
and Chief Financial Officer