56Chevy
9 years ago
....and the bank is FOR SALE. Hanmi Bank proposes merger with BBCN
November 27, 2015
Hanmi Bank, the third-largest Korean American bank, has proposed a merger with BBCN Bancorp, the largest Korean American bank.
The two banks’ combined assets would total $12 billion, putting it above No. 2 Wilshire Bancorp.
Hanmi revealed this week that it has sent the proposal to BBCN detailing an all-stock deal. If merged under Hanmi’s suggestion, it would have 35 percent of the new bank’s share, and BBCN 65 percent.
Hanmi Chairman Roh Kwang-kil wrote in the proposal that he felt publicizing previously private discussions of a possible merger between Hanmi and BBCN would help in moving the deal along, especially in letting shareholders know about the situation.
Roh said merging would benefit both banks and their customers from the opportunities that comes with larger size.
“Our board of directors and management will carefully look over Hanmi Bank’s proposal,” a BBCN spokesman said. “When we have a result, we will let Hanmi know and, if necessary, make a public announcement.”
If merged, the new bank would have 97 branches and 1,536 employees across the country.
The merger would also make the new bank the only Korean American bank with assets totaling more than $10 billion.
Hanmi’s public announcement of the proposal comes after reports in September that BBCN and Wilshire had entered similar talks.
http://www.koreatimesus.com/hanmi-bank-proposes-merger-with-bbcn/
Marker:
Hanmi Financial Corp (HAFC)
$26.31 up 0.14 (0.53%)
Volume: 150,734
56Chevy
11 years ago
Hanmi Financial Corporation (Nasdaq:HAFC) ("Hanmi"), the holding company for Hanmi Bank, today announced that it has retained DelMorgan & Co. as its financial advisor, and that Hanmi has been engaged and intends to continue to engage in substantive discussions with certain strategic banks and bank holding companies regarding a possible business combination, merger-of-equals or sale transaction. Shareholders of Texas Bank Approve Hanmi Merger
By Deborah Crowe Thursday, April 17, 2014
Hanmi Financial Corp. on Thursday said that shareholders of Central Bancorp Inc. have approved a merger with Hanmi.
The Koreatown holding company for Hanmi Bank said the deal with the parent of United Central Bank in Garland, Texas, is expected to close in the second half of this year. Central Bancorp stockholders will receive $50 million in cash.
Central Bancorp had about $1.42 billion in assets and 23 branches in six states at the end of 2013.
Hanmi shares closed up 69 cents, or 3 percent, to $22.65 on the Nasdaq.
[....]
http://labusinessjournal.com/news/2014/apr/17/shareholders-texas-bank-approve-hanmi-merger/
56Chevy
12 years ago
Hanmi Exploring Strategic Options
Date : 01/09/2013 @ 5:56PM
Source : GlobeNewswire Inc.
Stock : Hanmi Financial Corp. (MM) (HAFC)
Quote : $16.97 0.29 (1.74%) @ 6:40PM PPS as of 2/22/2013
Hanmi Financial Corporation (Nasdaq:HAFC) ("Hanmi"), the holding company for Hanmi Bank, today announced that it has retained DelMorgan & Co. as its financial advisor, and that Hanmi has been engaged and intends to continue to engage in substantive discussions with certain strategic banks and bank holding companies regarding a possible business combination, merger-of-equals or sale transaction. No definitive terms or agreement have been reached at this time and there can be no assurance that any definitive terms will be agreed to or that any definitive agreement will be entered into.
[....]
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 a loan production office in 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. Additional information is available at www.hanmi.com.
http://ih.advfn.com/p.php?pid=nmona&article=55776763
*I think the possibilites of BBCN and or WIBC being involved in this effort are very high.
56Chevy
12 years ago
Korean American Demographics
(Census 2000)
http://www.ameredia.com/resources/demographics/korean.html
More than half of Korean foreign-born adults had a bachelor’s or higher degree. In 2007, 51.3 percent of the 850,000 Korean-born adults age 25 and older had a bachelor’s degree or higher compared to 27.0 percent among the 31.6 million foreign-born adults.
Over half of all Korean immigrants resided in California, New York, New Jersey, and Virginia.
In 2007, California had the largest number of Korean immigrants (322,628, or 30.9 percent), followed by New York (95,265, or 9.1 percent), New Jersey (73,033, or 7.0 percent), and Virginia (51,685, or 5.0 percent).
Together, these four states accounted for 52.7 percent (542,611) of all Korean-born immigrants.
Los Angeles-Long Beach-Santa Ana, CA was the metropolitan area with the largest number of Korean born (217,874, or 20.9 percent), followed by New York-Northern New Jersey-Long Island, NY-NJ-PA (145,427, or 13.9 percent); Washington-Arlington-Alexandria, DC-VA-MD-WV (59,377, or 5.7 percent); Chicago-Naperville-Joliet, IL-IN-WI (40,578, or 3.9 percent); Seattle-Tacoma-Bellevue, WA (37,211, or 3.6 percent); and Atlanta-Sandy Springs-Marietta, GA (29,498, or 2.8 percent).
These six metropolitan areas accounted for over half (50.8 percent) of the 1.0 million Korean immigrants in 2007.
http://migrationinformation.org/USfocus/display.cfm?id=716
56Chevy
12 years ago
....and the bank is FOR SALE. Hanmi Said to Seek Sale
Jan 9, 2013 1:22 PM PT
Hanmi Financial Corp. (HAFC), the second- largest U.S. bank catering to Korean-Americans, is looking for a buyer and hired DelMorgan & Co. to advise on a sale, said three people with knowledge of the matter.
The lender may attract interest from BBCN Bancorp Inc. (BBCN) and Wilshire Bancorp Inc. (WIBC), which like Hanmi are based in Los Angeles and target Korean-Americans, said two of the people, who asked not to be named because the process is private. Hanmi rose more than 8 percent today, giving the firm a market value of about $481 million. It has assets of about $2.8 billion.
Hanmi, led by Chief Executive Officer Jay Yoo, is pursuing a sale less than two years after its takeover by South Korean lender Woori Finance Holdings Co. collapsed. Hanmi may draw interest again from Woori, as well as South Korea’s Hana Bank, both seeking expansion in the U.S., the people said. The lender was founded more than 30 years ago and operates in areas such as San Diego, San Francisco and Orange County.
Hanmi shares rose 8.1 percent to $15.26 as of 4 p.m. in New York.
Woori Finance agreed in May 2010 to buy Hanmi for as much as $240 million. That deal was terminated in June 2011, when the firms agreed to a business alliance instead. Officials at Woori and Hana declined to comment, while representatives at Wilshire and BBCN didn’t return calls seeking comment.
David Yang, Hanmi’s corporate strategy officer, didn’t return a call seeking comment. Rob Delgado, co-founder of DelMorgan, declined to comment. Delgado helped found the Santa Monica, California-based investment-banking boutique in 2011.
Enforcement Actions
Hanmi has 27 branches in California. Its shares had gained 76 percent in the year through yesterday as the company recovered from steep commercial loan losses in 2009 and 2010.
BBCN is the largest Korean-American-focused bank, with $5.3 billion in assets as of Sept. 30, according to SNL Financial, a bank-research firm in Charlottesville, Virginia. Wilshire is the third-largest with $2.6 billion in assets.
The California Department of Financial Institutions and Federal Reserve Bank of San Francisco lifted late in 2012 two enforcement actions placed on Hanmi in 2009. The actions had required Hanmi to maintain certain capital levels and restricted the bank from paying dividends, increasing debt and changing its businesses plan without regulatory permission.
Hanmi also last year began to draw down a nearly $80 million deferred tax allowance, or pool of money that represents a tax benefit a company can’t recognize unless it is healthy.
The drawdown sharply enhanced the company’s book value, which was $364 million as of Sept. 30, up almost 80 percent from a year earlier, according to the company’s third-quarter earnings report.
http://www.bloomberg.com/news/2013-01-09/hanmi-said-to-seek-sale.html?cmpid=yhoo
BBCN:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82999913
WIBC:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83745467
americano
13 years ago
HAFC Managment took in Woori, which is like carrying a ton of broken bricks.
HAFC is nothing more than a Penny Bank Stock now, they had to have an offering at 80 cents to survive, not for Organic Growth such as they keep claiming.
I think the CEO of This HAFC is a Big Bummer, in cahoots with Woori, and could care less about any share holder.
The Stock price I suspect will decay to 50 cents and than another offering after a Reverse Split or a RS at any time, the institutional holder will have to unload shares unless they do a RS very soon.
Management is crook no doubt. At Least a great guess. CEO never bought share has little interest in shares, what be his deal???????
read_this_n0w
14 years ago
No fixed offering price yet
And they mostly will use it to strenghten capital base it seems.
I am not in HAFC atm, but will put it back on watch if/when offering is done and look at chart again at that time.
Pricing above current price allways possible, but more often its not the case. Time will tell.
Financing was needed due to failure of Woori deal.
"8:30AM Hanmi Financial commences $75 mln common stock offering (HAFC) 1.05 : FBR Capital Markets & Co. will act as sole book-running manager. Company intends to contribute a substantial portion of the net proceeds from the offering to Hanmi Bank as additional capital and to support future organic and acquisition driven growth"
LOS ANGELES (AP) -- Hanmi Financial Corp. said Monday that it is offering $75 million of common stock for sale to the public with an eye to funding future acquisitions by its banking unit.
The company said a substantial portion of the net proceeds will go to Hanmi Bank as additional capital and for expansion, including through purchases. The remaining proceeds will be retained at the company level for working capital and other general corporate purposes.
The company expects to grant the underwriter a 30-day option to buy up to $11.25 million of additional common stock, solely to cover over-allotments, if any. FBR Capital Markets & Co. is sole book-running manager.
Shares of Los Angeles-based Hanmi fell 17 cents, or 16 percent, to 88 cents in morning trading.
That's near the 52-week low. The company's shares have traded between 86 cents and $1.85 in the past year.
Shares have traded above a dollar in recent months, but the company said on June 15 that a deal in which South Korea-based Woori Finance Holdings Co. would buy a controlling stake in it fell through. Woori had planned to spend about $240 million for the stake.
The two companies said they still plan to enter into a business alliance in which they would share personnel training, industry and economic information, and other cooperative efforts.
Hanmi Bank has 27 offices in Los Angeles and several counties in California, including Orange, San Bernardino, San Francisco, Santa Clara and San Diego. It has a loan office in Washington State. The bank specializes in commercial, small business administration and trade finance lending.
mlkrborn
14 years ago
No reference to pricing of offering?
Hanmi Financial launches $75M public stock offer
Hanmi Financial announces public stock offer worth $75M to fund potential acquisitions
Related Quotes
Symbol Price Change
HAFC 0.8822 -0.1678
On Monday June 20, 2011, 12:16 pm EDT
LOS ANGELES (AP) -- Hanmi Financial Corp. said Monday that it is offering $75 million of common stock for sale to the public with an eye to funding future acquisitions by its banking unit.
The company said a substantial portion of the net proceeds will go to Hanmi Bank as additional capital and for expansion, including through purchases. The remaining proceeds will be retained at the company level for working capital and other general corporate purposes.
The company expects to grant the underwriter a 30-day option to buy up to $11.25 million of additional common stock, solely to cover over-allotments, if any. FBR Capital Markets & Co. is sole book-running manager.
Shares of Los Angeles-based Hanmi fell 17 cents, or 16 percent, to 88 cents in morning trading.
That's near the 52-week low. The company's shares have traded between 86 cents and $1.85 in the past year.
Shares have traded above a dollar in recent months, but the company said on June 15 that a deal in which South Korea-based Woori Finance Holdings Co. would buy a controlling stake in it fell through. Woori had planned to spend about $240 million for the stake.
The two companies said they still plan to enter into a business alliance in which they would share personnel training, industry and economic information, and other cooperative efforts.
Hanmi Bank has 27 offices in Los Angeles and several counties in California, including Orange, San Bernardino, San Francisco, Santa Clara and San Diego. It has a loan office in Washington State. The bank specializes in commercial, small business administration and trade finance lending.
americano
14 years ago
hafc it be Thursday morning I believe that the real move comes, unless by some chance they have negative earnings, which most people think not, should be good, to go Thursday, maybe a bang up of the $2 remains to be seen but it could be hot given a look by big investors. Me being one , maybe not the big boy but, little bigger as time moves on hopefully, this should be an earnings power play on hafc.
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