Nara Bancorp Plans to Hire Consultant
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Nara Bancorp Inc., a Los Angeles-based retail bank, said it would hire an independent consultant to review its oversight and management as part of an agreement with regulators.
In a filing with the Securities and Exchange Commission, Nara Bancorp said the memorandum of understanding also prohibited it from declaring dividends without the prior approval of the Federal Reserve Bank and the California Department of Financial Institutions.
Nara was designated in “troubled condition” July 8 by regulators, according to its filing.
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