09/01/2013 23:24:00

Hanmi Financial in Talks on Potential Sale or Merger

Related content
28 Mar - 
Hanmi Financial Corporation Announces First Quarter 201..
21 Mar - 
Hanmi Closes $100 Million Subordinated Debt Offering
16 Mar - 
Hanmi Announces Pricing of $100 Million Subordinated De..

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

Form 8.3 - Bovis Homes Group Plc

28/03/2017 14:49:02
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: Unicredit SpA (b) Owner or controller of interests an..

Alliance Trust PLC : Net Asset Value(s)

28/03/2017 13:55:21
ALLIANCE TRUST PLC                                    At the close of business on Monday 27 March 2017: The Company's NAV per ordinary share, valued on a bid price basis with Debt at Par, was -       excluding income, 714.6p -       including income, 720.4p  The Company's NAV per ordinary share, valued on a bid price basis with Debt at Fair Value, was -       excluding income..

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

28/03/2017 10:41:26
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/offe..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Under Armour, Inc. To Contact The Firm
2
Ericsson presents focused business strategy
3
RigNet deploys its first deep water 4G LTE system in the Gulf of Mexico and announces dramatic capacity increases to its state-of-the-art licensed 4G wireless network
4
Ericsson simplifies organization and names Executive Team
5
PICO Holdings, Inc. to Webcast Annual Meeting of Shareholders on May 4th, 2017

Related stock quotes

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2017   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
29 March 2017 06:17:12
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20170324.2 - EUROWEB4 - 2017-03-29 07:17:12 - 2017-03-29 06:17:12 - 1000 - Website: OKAY