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Hanmi Financial Corp

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BUSINESS
June 18, 2004 | E. Scott Reckard
Hanmi Financial Corp., the largest Korean American bank, said it would close seven of its 27 branches by year-end as a result of its $295-million takeover of rival Pacific Union Bank. Closures and other cost cuts are expected to save $4 million a year at the parent of L.A.-based Hanmi Bank, said J.W. Yoo, Hanmi's president and chief executive. About 100 of the current 612 jobs will be eliminated.
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BUSINESS
January 12, 2014 | By E. Scott Reckard
The gig: Chong Guk "C.G. " Kum is president and chief executive of Hanmi Financial Corp., the oldest bank based in L.A.'s Koreatown. Nearly 10% of Hanmi's loans were delinquent in 2010. But the bank has cut that to 1%, raised capital and in June it hired Kum, a veteran of mainstream community banks, to chart a course for growth. The mission, he says, is "to make Hanmi what it used to be: the premier Korean American bank. " First big deal: The bank entered into an agreement last month to buy Central Bancorp, a troubled Texas bank with Asian American clients.
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BUSINESS
February 13, 2008 | From Times Staff and Wire Reports
Hanmi Financial Corp., the largest bank catering to Korean American customers, reported a $100-million fourth-quarter loss Tuesday after adjusting its books to reflect a decline in its stock price and sharply increasing its provision for loan losses. The Los Angeles-based parent of Hanmi Bank also said it paid $1.7 million in severance to former Chief Executive Sung Won Sohn, a former Wells Fargo & Co. economist who retired Dec. 31 after running Hanmi for three years. The quarterly loss equaled $2.15 a share, compared with a profit of $17.3 million, or 35 cents, a year earlier.
BUSINESS
January 29, 2010 | By E. Scott Reckard
Hanmi Financial Corp., operating under regulators' orders to raise capital for its Koreatown bank, said Thursday that it lost $35.9 million in the fourth quarter after setting aside $77 million to cover mounting losses on its loans. The loss for the Los Angeles-based parent of Hanmi Bank amounted to 70 cents a share. A year earlier it had a loss of $3.8 million, or 8 cents. The company's stock slumped 7 cents, or 3.3%, to $2.04 on the report. Jay S. Yoo, Hanmi's president and chief executive, said the bank had "achieved a number of positive changes in what continues to be a very difficult economic environment."
BUSINESS
June 23, 2001
* California Center Bank said it called off plans to be acquired by Hanmi Financial Corp., another Los Angeles bank that focuses on lending to Asian-owned businesses. The company said its board decided to terminate the letter of intent entered into with Hanmi on May 3 because Hanmi had "materially modified" the proposal. California Center Bank also reiterated its financial projections for 2001. * Aluminum maker Alcoa Inc. said it will shut down a magnesium smelter in Addy, Wash.
BUSINESS
December 15, 2006 | E. Scott Reckard, Times Staff Writer
The holding company for Hanmi Bank in Los Angeles said Thursday that it would acquire two Garden Grove-based insurance agencies that, like the bank, have a largely Korean American clientele. Hanmi Financial Corp. didn't disclose purchase terms for Chun Ha Insurance Services and All World Insurance Services, which sell life, health, commercial, auto and property policies. Ki Hong Park, who founded the brokerages, will stay on as their chief executive.
BUSINESS
April 23, 2005 | Kathy M. Kristof
Hanmi Financial Corp., parent of Los Angeles-based Hanmi Bank, reported $13.3 million in first-quarter net income, more than double year-earlier earnings of $6.4 million. Per-share earnings, affected by a 100% stock dividend paid in January, were 27 cents, compared with 22 cents a year earlier. The bank's president credited the jump in profit to economies of scale created by the bank's acquisition of Pacific Union Bank in April 2004. Net interest income rose to $31.7 million from $16.
BUSINESS
August 30, 2008 | E. Scott Reckard, Times Staff Writer
In a sign of more stress in Southern California's banking industry, Hanmi Financial Corp. said Friday that it would quit paying dividends to shareholders to conserve cash at its operating unit, Hanmi Bank. The Koreatown-based company lost $105.5 million in the second quarter, largely the result of a noncash accounting charge but also a reflection of growing weakness in the bank's loan portfolio. Because of the red ink, the company said, state and federal regulators have imposed restrictions that require suspending the quarterly dividend of 3 cents a share, last paid in July.
BUSINESS
January 29, 2010 | By E. Scott Reckard
Hanmi Financial Corp., operating under regulators' orders to raise capital for its Koreatown bank, said Thursday that it lost $35.9 million in the fourth quarter after setting aside $77 million to cover mounting losses on its loans. The loss for the Los Angeles-based parent of Hanmi Bank amounted to 70 cents a share. A year earlier it had a loss of $3.8 million, or 8 cents. The company's stock slumped 7 cents, or 3.3%, to $2.04 on the report. Jay S. Yoo, Hanmi's president and chief executive, said the bank had "achieved a number of positive changes in what continues to be a very difficult economic environment."
BUSINESS
October 25, 2007 | E. Scott Reckard, Times Staff Writer
Hanmi Financial Corp., the largest bank catering to Korean Americans, said Wednesday it would delay its earnings report because of more troubled loans than expected, sending its stock plunging 23%. The Los Angeles-based community bank pushed the date for its third-quarter financial report from today to Nov. 6. It said it needed "additional time to determine the appropriate level" of the allowance on its balance sheet for future loan losses.
BUSINESS
June 16, 2009 | E. Scott Reckard
Bolstering its cushion against losses in the face of the deep recession, the nation's largest Korean American bank said Monday that it had arranged to raise as much as $11 million in new capital from a South Korean brokerage firm, and that it was negotiating with institutions in that country for an even larger investment. Hanmi Financial Corp., the holding company for Koreatown-based Hanmi Bank, said Leading Investment & Securities Co.
BUSINESS
August 30, 2008 | E. Scott Reckard, Times Staff Writer
In a sign of more stress in Southern California's banking industry, Hanmi Financial Corp. said Friday that it would quit paying dividends to shareholders to conserve cash at its operating unit, Hanmi Bank. The Koreatown-based company lost $105.5 million in the second quarter, largely the result of a noncash accounting charge but also a reflection of growing weakness in the bank's loan portfolio. Because of the red ink, the company said, state and federal regulators have imposed restrictions that require suspending the quarterly dividend of 3 cents a share, last paid in July.
BUSINESS
February 13, 2008 | From Times Staff and Wire Reports
Hanmi Financial Corp., the largest bank catering to Korean American customers, reported a $100-million fourth-quarter loss Tuesday after adjusting its books to reflect a decline in its stock price and sharply increasing its provision for loan losses. The Los Angeles-based parent of Hanmi Bank also said it paid $1.7 million in severance to former Chief Executive Sung Won Sohn, a former Wells Fargo & Co. economist who retired Dec. 31 after running Hanmi for three years. The quarterly loss equaled $2.15 a share, compared with a profit of $17.3 million, or 35 cents, a year earlier.
BUSINESS
October 25, 2007 | E. Scott Reckard, Times Staff Writer
Hanmi Financial Corp., the largest bank catering to Korean Americans, said Wednesday it would delay its earnings report because of more troubled loans than expected, sending its stock plunging 23%. The Los Angeles-based community bank pushed the date for its third-quarter financial report from today to Nov. 6. It said it needed "additional time to determine the appropriate level" of the allowance on its balance sheet for future loan losses.
BUSINESS
December 15, 2006 | E. Scott Reckard, Times Staff Writer
The holding company for Hanmi Bank in Los Angeles said Thursday that it would acquire two Garden Grove-based insurance agencies that, like the bank, have a largely Korean American clientele. Hanmi Financial Corp. didn't disclose purchase terms for Chun Ha Insurance Services and All World Insurance Services, which sell life, health, commercial, auto and property policies. Ki Hong Park, who founded the brokerages, will stay on as their chief executive.
BUSINESS
April 23, 2005 | Kathy M. Kristof
Hanmi Financial Corp., parent of Los Angeles-based Hanmi Bank, reported $13.3 million in first-quarter net income, more than double year-earlier earnings of $6.4 million. Per-share earnings, affected by a 100% stock dividend paid in January, were 27 cents, compared with 22 cents a year earlier. The bank's president credited the jump in profit to economies of scale created by the bank's acquisition of Pacific Union Bank in April 2004. Net interest income rose to $31.7 million from $16.
BUSINESS
December 23, 2003 | Roger Vincent, Times Staff Writer
Solidifying its position as the nation's largest Korean American community bank, Hanmi Financial Corp. agreed Monday to acquire rival Pacific Union Bank in a cash and stock deal valued at nearly $300 million. Los Angeles-based Hanmi Financial is the holding company for Hanmi Bank, which has assets of more than $1.7 billion. Pacific Union, also based in L.A. and the oldest Korean American bank, has assets of almost $1.1 billion.
BUSINESS
June 16, 2009 | E. Scott Reckard
Bolstering its cushion against losses in the face of the deep recession, the nation's largest Korean American bank said Monday that it had arranged to raise as much as $11 million in new capital from a South Korean brokerage firm, and that it was negotiating with institutions in that country for an even larger investment. Hanmi Financial Corp., the holding company for Koreatown-based Hanmi Bank, said Leading Investment & Securities Co.
BUSINESS
January 4, 2005 | E. Scott Reckard, Times Staff Writer
One good acquisition sometimes leads to another. Hanmi Financial Corp. emerged as the clear leader in Korean American banking last year when it took over rival Pacific Union Bank. The resulting heft allowed Hanmi Bank's parent to achieve a longtime goal by hiring Wells Fargo & Co.'s high-profile chief economist, Sung Won Sohn, as its president and chief executive. "Hanmi had been talking to me for more than 10 years," said Sohn, who took the reins Monday.
BUSINESS
June 18, 2004 | E. Scott Reckard
Hanmi Financial Corp., the largest Korean American bank, said it would close seven of its 27 branches by year-end as a result of its $295-million takeover of rival Pacific Union Bank. Closures and other cost cuts are expected to save $4 million a year at the parent of L.A.-based Hanmi Bank, said J.W. Yoo, Hanmi's president and chief executive. About 100 of the current 612 jobs will be eliminated.
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