Hanmi News

  • Jan 15, 2014 Hanmi Bank announces 4Q13 earnings Conference Call and Webcast

    Hanmi Bank announces 4Q13 earnings Conference Call and Webcast



    LOS ANGELES, CA – January 16, 2014 -- Hanmi Financial Corporation (NASDAQ: HAFC), the holding company for Hanmi Bank, announced today that it will report its fourth quarter 2013 financial results before the open of the stock market on Monday, January 27, 2014.  Management will host a conference call that same day, at 9:30 p.m. Pacific Time (1:30 p.m. Eastern Time) to discuss the results.   

    Investment professionals and all current and prospective shareholders are invited to access the live call on January 27th by dialing 1-480-629-9645 before 9:30 P.M. Pacific Time, using access code HANMI.  To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi’s website at www.hanmi.com .   


    CONTACT: 
    Shick (Mark) Yoon 
    SVP & Chief Financial Officer  
    Direct Phone: 213-427-5636 

    MEDIA
    Jenny Park 213-427-4255
    Katie Kwon 213-368-3237

  • Dec 16, 2013 Hanmi Financial Corporation Announces Agreement to Acquire Central Bancorp, Inc.

    Hanmi Financial Corporation Announces Agreement to Acquire Central Bancorp, Inc.



    Will expand Hanmi into Texas, Illinois, New York, New Jersey and Virginia
    And Create Second Largest Korean-American Bank 
    Investor Conference Call Scheduled for 9:00 a.m. Pacific Time Today 

    LOS ANGELES (December 16, 2013) – Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), the holding company for Hanmi Bank, announced today that it has entered into a definitive agreement to acquire Central Bancorp, Inc. (“CBI”), parent of Texas-based United Central Bank.  The combined company will have 51 banking offices and 2 loan production offices serving a broad range of ethnic communities in California, Texas, Illinois, New York, New Jersey, Virginia and Georgia.

    As of September 30, 2013, CBI had approximately $1.6 billion in assets, $0.7 billion in gross loans and $1.4 billion in deposits, and 24 branches across six states (Texas, Illinois, New York, New Jersey, Virginia and Georgia).  

    Upon closing of the transaction, Hanmi will have approximately $4.3 billion in assets, $2.8 billion in gross loans, and $3.8 billion in deposits, and will be the second largest Korean-American bank with a #1 deposit market share ranking among Korean-American banks in Texas, Illinois and Virginia and a significant presence in other key markets.
    Key strategic benefits of the merger include:
    • Access to highly attractive markets with large Asian-American communities, creating business opportunities by leveraging Hanmi’s brand and business strategies.
    • Ability to realize significant cost savings and operational efficiencies for the combined company.
    • Opportunity to prudently deploy capital at an attractive return for our shareholders.

    Under the terms of the agreement, the total merger consideration payable to CBI common stockholders is $50 million in cash, subject to potential purchase price adjustments, representing approximately 62% of CBI’s tangible book value as of September 30, 2013.  The transaction is expected to close in the second half of 2014.  Excluding one-time merger expenses, the transaction is expected to be immediately accretive to 2014 earnings and significantly accretive to 2015 earnings and beyond; and is expected to generate internal rate of return in excess of 20% for Hanmi shareholders.
    “We believe the combined entity will be a significant competitive force in our markets and position the company for meaningful growth and earnings expansion,” said C. G. Kum, President and CEO of Hanmi.  “We are particularly pleased to have signed this agreement on the 31st anniversary of Hanmi Bank’s opening its doors as the first Korean-American bank in Los Angeles with the clear mission of helping immigrants to achieve their American dreams.  We remain committed to community banking, and to further diversifying our customer base, both ethnically and geographically.”

    “For shareholders, the combination is an attractive use of Hanmi's capital and is expected to be immediately accretive to earnings with minimal dilution to tangible book value per share, and will increase the earnings and growth profile of the combined entity,” Kum continued. “For customers, the expanded footprint, increased product line and higher lending capacity should add convenience and enhanced service.  And for employees, we will continue to invest in training, development and growth opportunities.”

    The boards of directors of both companies have unanimously approved the transaction.  The transaction is subject to regulatory approval, the approval of the shareholders of CBI, and other closing conditions.

    Hanmi Financial Corporation was advised by the investment banking firm of FBR Capital Markets and the law firm of Sullivan & Cromwell LLP.  Central Bancorp, Inc. was advised by the investment banking firm of Sandler O’Neill + Partners, L.P., and the law firm of Bracewell & Giuliani, LLP.  
    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss the merger announcement will be held today, December 16, 2013, at 9:00 a.m. Pacific / 12:00 p.m. Eastern.  Interested participants and investors may access the conference call by dialing 1-480-629-9818, conference ID HANMI.  An accompanying slide presentation can be downloaded from the Investor Relations page of Hanmi Financial Corporation’s website at www.hanmi.com.  

    There will also be a live webcast of the call available at the Investor Relations page of Hanmi Financial Corporation’s website at www.hanmi.com.  After the live webcast, a replay will remain available in the Hanmi Investor Relations website.  





    From L to R:  
    Bonnie Lee, Sr. EVP & COO
    C. G.  Kum, President & CEO
    Joseph K. Rho, Chairman of the Board
    Mark Yoon, EVP & CFO

    About Hanmi Financial Corporation
    Headquartered in Los Angeles, Hanmi Bank, a wholly-owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 27 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and loan production offices in Texas and Washington State. Hanmi Bank specializes in commercial, SBA and trade finance lending, and is a recognized community leader. Hanmi Bank’s mission is to provide a full range of quality products and premier services to its customers and to maximize stockholder value. 

    About Central Bancorp, Inc.
    Founded in 1987 and headquartered in Garland, Texas, United Central Bank, a wholly-owned subsidiary of Central Bancorp, Inc., serves multi-ethnic communities in Texas, Illinois, Virginia, Georgia, New York and New Jersey through 24 banking offices.  Additional information on Central Bancorp, Inc. and United Central Bank may be found on its website: www.unitedcentralbank.com.
    CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
    This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those identified by words or phrases such as “may,” “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Hanmi Financial Corporation cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed merger involving Hanmi Financial Corporation and Central Bancorp, including future financial and operating results, Hanmi Financial Corporation’s or Central Bancorp’s plans, objectives, expectations and intentions, the expected timing of completion of the transaction, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: the ability to obtain the requisite Central Bancorp shareholder approvals; the risk that Hanmi Financial Corporation or Central Bancorp may be unable to obtain governmental and regulatory approvals required for the merger, or required governmental and regulatory approvals may delay the merger or result in the imposition of conditions that could cause the parties to abandon the merger; the risk that a condition to closing of the merger may not be satisfied; the timing to consummate the proposed merger; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the merger may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; general worldwide economic conditions and related uncertainties; the effect of changes in governmental regulations; and other factors we discuss or refer to in the “Risk Factors” section of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). Each forward-looking statement speaks only as of the date of the particular statement and neither Hanmi Financial Corporation nor Central Bancorp undertakes any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. 

    CONTACT INFORMATION:
    Mark (Shick) Yoon, CFA CPA CVA
    EVP & CFO
    213-427-5636
    marky@hanmi.com_


    INVESTOR RELATIONS CONTACT:
    The Cereghino Group
    206-388-5788
    www.stockvalues.com

    Note:  Transmitted on Globe Newswire on December 16, 2013 at 4:30 a.m. PST.




  • Nov 22, 2013 Hanmi Bank and Shin-Soo Choo Support KYCC's Thanksgiving Potluck

    Hanmi Bank and Shin-Soo Choo Support KYCC's Thanksgiving Potluck



     Hanmi Bank joins KYCC's Thanksgiving Potluck with Food and Gifts

    Hanmi Bank and MLB player Shin-Soo Choo, spokesperson of Hanmi, joined efforts to support KYCC's Children's Center in their annual Thanksgiving potluck.  Various gifts from piggy banks, to stationary and balloons, was handed out to the children.

    A total of 150 people, Bonnie Lee, COO and Sr. EVP of Hanmi Bank, and Shin-Soo Choo, attended the event to make this year's potluck very special.

    Shin-Soo Choo personally brought baseballs and stationary for all of the kids, signing each of them during a signing event after lunch.


    About KYCC’s Children’s Center
    KYCC Children’s Center’s mission is to provide affordable quality childcare for our Koreatown community. We envisioned a program that would allow children to make their own choices, that would nurture their creativity and that would give them opportunities to explore interests that are hands-on and meaningful. Our program shares a philosophy of respect for other cultures, a sense of community involvement and an appreciation for nature. We believe in striving towards excellence as well as cultivating a lifelong love of learning.



    Media Contact: 
    Jenny Park, Marketing Manager of Hanmi Bank (213) 427-4255, jennyjp@hanmi.com 
    Jay Kim, Development Associate of KYCC (213) 365-7400 x 5215, jkim@kyccla.org 




  • Oct 22, 2013 Hanmi’s Earnings Up 7.7% in the Third Quarter with Net Interest Margin Expanding to 4.28%

    Hanmi’s Earnings Up 7.7% in the Third Quarter with Net Interest Margin Expanding to 4.28%



    LOS ANGELES – October 22, 2013 – Hanmi Financial Corporation (NASDAQ: HAFC), the holding company for Hanmi Bank (the “Bank”), today reported that improving operating efficiencies and expanding net interest margin generated a 7.7% increase in net income during the third quarter of 2013. Third quarter net income grew to $10.3 million, or $0.32 per diluted share, compared to $9.5 million, or $0.30 per diluted share, for the second quarter this year. Pretax income improved 9.7% to $16.8 million in the third quarter of 2013 from $15.3 million in the second quarter of 2013. In the third quarter of 2012, following a net tax benefit of $644,000 resulting from the reversal of a deferred tax asset (“DTA”) valuation allowance, Hanmi earned $13.3 million, or $0.42 per diluted share.

    In the first nine months of 2013, net income was $30.0 million, or $0.94 per diluted share, compared to $76.4 million, or $2.42 per diluted share, in the first nine months a year ago, which included the $47.7 million net tax benefit from the DTA valuation allowance reversal. Year-to-date pretax income grew 63.9% to $47.0 million from $28.7 million for the first nine months of 2012.

    “We continue to make progress implementing our strategic plan to build a premier business bank serving the Korean American community. To build competitive advantage and ultimately achieve this vision, we will continue to invest in technology, infrastructure and talented bankers,” said C. G. Kum, President and Chief Executive Officer. “We recently launched our new Corporate Banking Center and hired four of the top lenders in our market to increase our lending capacity, particularly for commercial and industrial loans. Our skilled and dedicated lending team continues to build an impressive pipeline of new loans. We are also strengthening our cash management offerings for business customers with the addition of an experienced banker who will manage the newly created Cash Management department. Hanmi will be the only Korean American bank to actively market a full complement of cash management products and services to deepen our customer relationships and to generate core deposits.”

    To view the full report, click here.


    Contact:

    Bonnie Lee, Sr. EVP & Chief Operating Officer
    (213-368-3211)

    Jenny Park, FVP & Creative Strategy Manager
    (213-427-4255)




  • Oct 16, 2013 Hanmi Bank announces 3Q13 earnings Conference Call and Webcast

    Hanmi Bank announces 3Q13 earnings Conference Call and Webcast


    LOS ANGELES, CA – October 16, 2013 -- Hanmi Financial Corporation (NASDAQ: HAFC), the holding company for Hanmi Bank, announced today that it will report its third quarter 2013 financial results before the open of the stock market on Tuesday, October 22, 2013.  Management will host a conference call that same day, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the results.   

    Investment professionals and all current and prospective shareholders are invited to access the live call on October 22nd by dialing 1-480-629-9723 before 1:30 P.M. Pacific Time, using access code HANMI.  To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi’s website at www.hanmi.com .   


    CONTACT: 
    Shick (Mark) Yoon 
    SVP & Chief Financial Officer  
    Direct Phone: 213-427-5636 

    MEDIA
    Jenny Park 213-427-4255
    Katie Kwon 213-368-3237

  • Sep 09, 2013 Hanmi Bank Re-decorates Mural with Star Athletes

    Hanmi Bank Re-decorates Mural with Star Athletes


    Hanmi Bank's mural on the corner of Olympic Blvd. and Western Ave. has finally been repainted on the 8th to feature its star athlete spokespersons, Hyun-Jin Ryu (LA Dodgers) and Shin-Soo Choo (Cincinnati Reds).
     
    This intersection between two big roads is not only a carrier of extremely heavy traffic, but has many banks fighting to make a presence in the area (BoA, BBCN, Wilshire).  Hanmi Banks has aimed to become a premier Korean-American bank that is approachable to the community, and has put much thought into producing a design that expresses the Korean-American pride.  Hanmi has explained that they are representing the Korean-American community in cheering on these MLB athletes with their mural design.

    President & CEO, C. G. Kum has expressed, "I am very glad that we were able to refurbish the mural at a point where both of the athletes' teams are showing very good signs of moving on to the playoffs.  It is our hope that our athletes find much encouragement in our efforts to cheer them on."



    Click image to enlarge.


  • Aug 28, 2013 한미은행, 영업조직 강화

    한미은행, 영업조직 강화


    영업망 확대 및 활성화위해 인력 보강

    한미은행(행장 금종국)이 본격적인 영업 활성화를 위해 영업운영 및 인사를 대폭 강화하였다. 한미는 어제 피터 양씨를Executive Vice President  & Chief Banking Officer로, 앤서니 김씨를 Executive Vice President  & Chief Lending Officer로 공식 발표하며 새로운 영업운영 방식을 선보였다. 

    우선 크게 달라진 점은 예전에 North와 South로 나누었던 디스트릭트를 1본부, 2본부로 운영하여 새로 선임된 전무들이 각 본부를 총괄하게 된다. 각 본부는 비즈니스 대출 및 예금이 많은 Business Branch 와small business및 개인 예금이 많은 Retail Branch로 나누어진다. 본부운영은 전무와 본부장들이 하게 되며, 1본부는 피터 양 전무가, 그리고 2본부는 앤서니 김 전무가 총괄하게 된다. 특히2본부를 맡은 앤서니 김 전무는 Chief Lending Officer로서 소비자 융자와 커머셜 융자도 함께 맡게된다. 각 본부의 리테일 지점들은 본부장들이 맡게되며 1본부는 윤석진 본부장, 2본부는 정우영 본부장이 맡아 본부의 업무를 세분화하는 동시에 효율성을 높이도록 하였다.  

    금종국 행장은 “앞으로 더욱 활성화될 영업을 지원하기위해 영업 구조를 강화시켰다. 새로 정립된 시스템은 각 지점의 특성을 최대한 살려 고객들에게 더욱 맞춤화되고 효율적인 서비스를 제공할수 있도록 준비되었다.”고 말했다. 

    또한 한미는 기업 금융부서를 새로 설립하여 기업 대출 및 국제부 업무를 강화하였다. 기업 금융은 크리스 조와 제이 김씨가 기업 금융 매니저로 총괄한다. 

  • Aug 23, 2013 Hanmi Financial Holds 2013 Annual Stockholders' Meeting

    Hanmi Financial Holds 2013 Annual Stockholders' Meeting



    Hanmi Financial, holding company of Hanmi Bank, held its 2013 Annual stockholders' meeting on August 23, 2013 at 10:30 AM at the Sheraton Universal Hotel.  The following have been approved:

    1.  I-Joon Ahn, John Hall, Paul Kim, William J. Stolte, Joseph K. Rho, and CEO C. G. Kum (re)appointed as Directors of the Board

    2.  Changes in Management Personnel approved

    3.  Amended Equity Compensation approved

    4.  External accounting firm, KPMG, appointed 

    Furthermore, through a meeting of the Directors held immediately afterwards, Joseph K. Rho was reappointed as Chairman of the Board.

    For further questions and information, please contact Jenny Park, Creative Strategy Manager (213-427-4255).
  • Aug 20, 2013 Hanmi Financial Declares Cash Dividend of $0.07 per Share

    Hanmi Financial Declares Cash Dividend of $0.07 per Share



    LOS ANGELES – August 20, 2013 – Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), the holding company for Hanmi Bank, today announced that its Board of Directors has declared a cash dividend on its common stock of $0.07 per share.  The dividend will be paid on or about September 17, 2013 to Hanmi’s stockholders of record as of the close of business on September 3, 2013.

    “We are pleased to be able to return to paying a regular quarterly cash dividend to our stockholders, who have been very loyal over the years,” said C. G. Kum, President and Chief Executive Officer.  “The cash dividend reflects Hanmi’s commitment to return value to its stockholders.  It is also a testament to the strength of the core banking activities and financial performance of Hanmi, while maintaining sufficient capital for growth.” At the stock price of $17.39 per share at the close of the market on August 19, 2013, the current dividend equates to a yield of 1.61% on an annualized basis.

    The payment of cash dividends remains subject to review by the appropriate regulatory authorities on a quarterly basis.  

    About Hanmi Financial Corporation 

    Headquartered in Los Angeles, Hanmi Bank, a wholly-owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 27 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and loan production offices in Texas and Washington State. Hanmi Bank specializes in commercial, SBA and trade finance lending, and is a recognized community leader. Hanmi Bank’s mission is to provide a full range of quality products and premier services to its customers and to maximize stockholder value. 

    Forward-Looking Statements

    This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All statements other than statements of historical fact are “forward–looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital plans, strategic alternatives for a possible business combination, merger or sale transaction and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: failure to maintain adequate levels of capital and liquidity to support our operations; the effect of regulatory orders we have entered into and potential future supervisory action against us or Hanmi Bank; general economic and business conditions internationally, nationally and in those areas in which we operate; volatility and deterioration in the credit and equity markets; changes in consumer spending, borrowing and savings habits; availability of capital from private and government sources; demographic changes; competition for loans and deposits and failure to attract or retain loans and deposits; fluctuations in interest rates and a decline in the level of our interest rate spread; risks of natural disasters related to our real estate portfolio; risks associated with Small Business Administration loans; failure to attract or retain key employees; changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums; ability of Hanmi Bank to make distributions to Hanmi Financial, which is restricted by certain factors, including Hanmi Bank's retained earnings, net income, prior distributions made, and certain other financial tests; ability to identify a suitable strategic partner or to consummate a strategic transaction; adequacy of our allowance for loan losses; credit quality and the effect of credit quality on our provision for credit losses and allowance for loan losses; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to control expenses; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission (“SEC”), including, in Item 1A of our Form 10-K for the year ended December 31, 2012, our quarterly reports on Form 10-Q, and current and periodic reports that we will file with the SEC hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.


    Contact: 
    Hanmi Financial Corporation 
    Mark Yoon
    EVP & CFO
    213-427-5636

    Investor Relations Contact:
    The Cereghino Group
    206-388-5788
    www.stockvalues.com



  • Aug 12, 2013 Hanmi Bank Opens Texas Loan Production Office

    Hanmi Bank Opens Texas Loan Production Office


    LOS ANGELES – August 12, 2013 – Hanmi Bank (“Hanmi”), a subsidiary of Hanmi Financial Corporation (NASDAQ: HAFC), celebrated the grand opening of its Texas Loan Production Office (“LPO”) on August 9, 2013, with approximately 150 guests attending to congratulate the opening.

    Opening celebration was attended by dignitaries including Monica R. Alonzo, Deputy Mayor Pro Tem of Dallas, Herbert Austin, SBA District Director, Dong Chan Kim, Korean Consul General, Barket Basaria, Chairman of Greater Dallas Asian American Chamber of Commerce and Young Ho Ahn, President of Korean Community in Dallas.

    “Hanmi is excited to have presence in Texas, which is one of the fastest growing markets right now. As a community bank that has thrived in supporting local businesses, we hope to continue to expand our service to continue to meet the market’s growing needs.” said C. G. Kum, President  & Chief Executive Officer.

    Hanmi is a preferred SBA lender and has shown strong profitability with both solid loan and deposit growth in recent past. The Texas LPO will be managed by Pervez Bhojani, who has over 29 years of experience in the financial industry.

    Hanmi Bank Texas Loan Production Office
    11461 Harry Hines Blvd. #103
    Dallas, TX 75229
    Tel: 469-387-1383




    (Click to enlarge)

    Photo: 
    (From left to right)
    Mike Kim, SBA Manager, Hanmi Bank
    Barket Basaria, Chairman Greater Dallas Asian American Chamber of Commerce
    Herbert Austin, SBA District Director
    Pervez Bhojani, Texas District Manager, Hanmi Bank
    C.G. Kum, President & CEO, Hanmi Bank
    Monica R. Alonzo, Deputy Mayor Pro Tem Dallas, TX
    Dong Chan Kim, Korean Consul General


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