09/01/2013 23:24:00

Hanmi Financial in Talks on Potential Sale or Merger

Related content
05 Feb - 
Recent Analysis Shows Hanmi Financial, Shiloh Industrie..
01 Feb - 
Hanmi Financial Corp. to Participate in the KBW Winter ..
25 Jan - 
Hanmi Financial Corp. to Participate in FIG Partners Ba..

By Debbie Cai

Hanmi Financial Corp. (HAFC), parent of California's Hanmi Bank, confirmed it is in talks to explore strategic options including a potential merger or sale.

The company said it has retained DelMorgan & Co. as its adviser and plans to continue substantive discussions with certain strategic banks and bank-holding companies on options. It said no definitive terms or agreements have been reached and didn't give further details.

Hanmi Financial operates commercial banking and financial services through its subsidiary Hanmi Bank, the second-largest U.S. bank catering to Korean-Americans.

Less than two years ago, Hanmi canceled the sale of a majority stake to Woori Finance Holdings Co. (WF), a deal that would have given South Korea's largest financial services group by assets control of the U.S.-based Hanmi. Instead, the companies entered a business alliance.

In November, Hanmi's chief financial officer Lonny Robinson resigned and his duties are being handled in the interim by Chief Strategy Officer Shick Yoon.

Hanmi Financial in its recent third quarter reported that its net income more than tripled to $13.3 million as asset quality improved and the company became more efficient. It has also benefited from a reversal of deferred tax asset valuation allowance, adding $4.9 million to offset its tax obligation for the quarter.

Shares of the company were halted after hours. The stock jumped 8.1% to $15.26 in regular-session trading following media reports that Hanmi Financial was looking to sell itself. The stock is up 89% over the past 12 months.

Write to Debbie Cai at debbie.cai@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

January 09, 2013 18:24 ET (23:24 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

HSBC Bank Plc : Form 8.5 (EPT/RI) - Lonmin PLC

22/02/2018 10:54:53
FORM 8.5 EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Name of exempt principal trader: HSBC BANK PLC (b) Name of offeror/offeree i..

Rathbone Brothers Plc : Preliminary announcement of 2017 results

22/02/2018 07:00:19
Funds under management up 14.3% to £39.1 billionThis is a preliminary statement of annual results published in accordance with FCA Listing Rule 9.7A. It covers the year ended 31 December 2017. Mark Nicholls, Chairman of Rathbone Brothers Plc, said: "UK and global investment markets performed well in 2017, with some indices reaching record levels towards the end of the year. This outcome has b..

Elliott Capital Advisors, L.P : Form 8.3 - GKN Plc

21/02/2018 15:25:10
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: Elliott Capital Advisors, L.P. (for itself and related general partners ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Qorvo® RF Fusion™ Helps Microsoft Surface Pro with LTE Advanced Stay Connected
2
Qorvo® Wins Prestigious GTI Award for 5G RF Front End
3
Canada’s Johnston Maintains Lead after Day Three of FLW Tour at Harris Chain of Lakes Presented by Lowrance
4
Nokia enhances whole-home Wi-Fi solution for service providers to provide faster, better, smarter network experience
5
Nokia and China Mobile to jointly explore use of 5G to drive new business opportunities for vertical industries

Related stock quotes

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2018   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
25 February 2018 21:17:39
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20180222.1 - EUROWEB5 - 2018-02-25 22:17:39 - 2018-02-25 21:17:39 - 1000 - Website: OKAY