Hanmi completes acquisition of Central Bancorp

Hanmi Financial board members and Hanmi Bank senior management
Hanmi Financial board members and Hanmi Bank senior management

LOS ANGELES, CA: Hanmi Financial Corporation, the holding company for Hanmi Bank, has announced completion of its acquisition of Central Bancorp, Inc., the parent company of United Central Bank, effective as of August 31.

With the merger complete, Hanmi becomes the second largest Korean American Bank in the United States with 50 banking offices and three loan production offices serving different communities across California, Illinois, New Jersey, New York, Texas, Virginia, and Washington.

The combined entity has approximately $4.4 billion in assets, $2.8 billion in gross loans, and $3.7 billion in deposits, providing Hanmi with the leading deposit market share among Korean American Banks in Illinois, Texas, and Virginia along with a substantial market share in California.

“The completion of our merger with United Central Bank is a momentous occasion for Hanmi,” said C. G. Kum, President and CEO. “Having opened our first branch in Los Angeles in 1982 with the clear mission of helping immigrants achieve the American Dream, we are thrilled to now provide our customers with 50 branches across the United States. With this expanded geographic presence, we will broaden our market share from our core Korean American customer base to the wider Asian American and mainstream communities, making Hanmi the first Korean American Bank to extend into these additional communities.”

Kum continued, “I am very pleased that the transaction has proceeded so smoothly, and we can now fully focus our efforts on integrating the two banks as quickly as possible. With the new Hanmi Bank, all of our loyal customers will have the benefit of a larger product offering, improved lending capacity, and enhanced customer service.”

The transaction was announced December 16, 2013 and approved by shareholders of Central Bancorp on April 17, 2014. The combined companies will operate as Hanmi Financial Corporation and Hanmi Bank, respectively, with banking operations conducted under the Hanmi Bank brand.

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 across California, Texas, Illinois, Virginia, New Jersey and New York with 50 full-service branches as well as loan production offices in Texas, Virginia, 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 shareholder value. Additional information is available at www.hanmi.com.

India Post News Service

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