If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I — REGISTRANT INFORMATION

Nara Bancorp, Inc.

Full Name of Registrant

N/A

Former Name if Applicable

3701 Wilshire Boulevard, Suite 220

Address of Principal Executive Office (Street and Number)

Los Angeles, CA 90010

City, State and Zip Code

PART II — RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

PART III — NARRATIVE

State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

 

On February 23, 2005, a letter dated October 10, 2002 and signed by the former Chairman of the Board of the Company addressed to the former President and Chief Executive Officer of the Company was brought to the attention of the Audit Committee.  The letter addressed the relinquishment of certain profit sharing rights held by the former President and Chief Executive Officer payable in 2003 and 2004 (for services rendered in 2002 and 2003 respectively).  For the relinquishment of those rights, Nara Bank, a wholly owned subsidiary of the Company, purportedly agreed to reimburse the former President and Chief Executive Officer for certain automobile and country club expenses and to provide him with compensation for additional work to be performed after his retirement, all in an amount not to exceed the amount of profit sharing to be relinquished by him.

 

A special sub-committee of the Audit Committee of the Board of Directors of the Company has engaged independent counsel to conduct an internal investigation of matters relating to the letter.  This sub-committee will determine whether the arrangements contemplated by the letter have any material effect on the Company’s previously issued financial statements and other related matters.  The Company has discussed these matters with its former independent registered public accounting firm, Deloitte & Touche LLP, and its current independent registered public accounting firm, Crowe Chizek and Company LLP.

 

As a result of the ongoing investigation, the Company will be unable to file its Form 10-K for the year ended December 31, 2004 within the prescribed period without unreasonable effort or expense.   Nara Bancorp expects to file the Form 10-K no later than the fifteenth calendar day following the prescribed due date, as permitted by Rule 12b-25.

 

SEC 1344 (07-03)

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

 

PART IV — OTHER INFORMATION

 

(1)	Name and telephone number of person to contact in regard to this notification
	Michel Urich		213		639-1700
	(Name)		(Area Code)		(Telephone Number)
(2)	Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
ý Yes						o No
(3)	Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
o Yes						ý No
	If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

 

Nara Bancorp Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date	March  17, 2005		By	/s/  Timothy Chang, CFO and SVP

INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form.