Hanmi Financial Corporation Retains Cappello Capital Corp. to Explore Strategic Alternatives
February 08 2010 - 6:30AM
Business Wire
Hanmi Financial Corporation (Nasdaq:HAFC) announced today
that its Board of Directors has authorized the Company's management
team to explore a broad range of strategic alternatives. Cappello
Capital Corp. has been engaged as the Company's financial advisor
in this process.
Jay S. Yoo, President and Chief Executive Officer of the
Company, commented, "We are actively exploring all strategic
alternatives to satisfy our regulatory orders and meet our business
objectives.”
There can be no assurance that the review of strategic
alternatives will result in the Company changing its current
business plan, pursuing a particular transaction or completing any
such transaction. The Company does not expect to update the market
with any further information on the process unless and until its
Board of Directors has approved a specific transaction or otherwise
deems disclosure appropriate.
About Hanmi Financial Corporation
Headquartered in Los Angeles, Hanmi Financial Corporation is a
parent corporation to Hanmi Bank which 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 one loan production office
in Washington State. Hanmi Bank specializes in commercial, Small
Business Administration (“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.
About Cappello Capital Corp.
Cappello Capital Corp., headquartered in Santa Monica,
California, is a boutique investment bank and a registered
broker/dealer. It has a focus on providing corporate advisory
services to both private and public companies including buy/sell
side M&A, strategic advisory, financial restructuring and
private placements of equity and debt. Cappello’s principals have
significant cross-border transactional experience in excess of $100
billion for companies in over 50 countries in North America, Latin
America, South America, Europe, Australia, Asia, Africa and the
Middle East. For more information about the Cappello Capital Corp.,
please visit www.cappellocorp.com.
Forward-Looking Statements
This release contains forward-looking statements, which are
included in accordance with the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by terminology such as
“may,” “will,” “should,” “could,” “expects,” “plans,” “intends,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential,” or
“continue,” or the negative of such terms and other comparable
terminology. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance or achievements to differ from those
expressed or implied by the forward-looking statement. These
factors include the following: failure to maintain adequate levels
of capital and liquidity to support our operations; failure to
identify potential partners for a strategic transaction with the
Company; the effect of regulatory orders we have entered into and
potential future supervisory action against us or Hanmi Bank;
general economic and business conditions internationally,
nationally and in those areas in which we operate; volatility and
deterioration in the credit and equity markets; changes in consumer
spending, borrowing and savings habits; availability of capital
from private and government sources; demographic changes;
competition for loans and deposits and failure to attract or retain
loans and deposits; fluctuations in interest rates and a decline in
the level of our interest rate spread; risks of natural disasters
related to our real estate portfolio; risks associated with SBA
loans; failure to attract or retain key employees; changes in
governmental regulation, including, but not limited to, any
increase in FDIC insurance premiums; ability to receive regulatory
approval for Hanmi Bank to declare dividends to Hanmi Financial
Corporation; adequacy of our allowance for loan losses, credit
quality and the effect of credit quality on our provision for
credit losses and allowance for loan losses; changes in the
financial performance and/or condition of our borrowers and the
ability of our borrowers to perform under the terms of their loans
and other terms of credit agreements; our ability to successfully
integrate acquisitions we may make; our ability to control
expenses; and changes in securities markets. In addition, we set
forth certain risks in our reports filed with the Securities and
Exchange Commission, including our Annual Report on Form 10-K for
the fiscal year ended December 31, 2008 and current and
periodic reports filed with the Securities and Exchange Commission
thereafter, which could cause actual results to differ from those
projected. You should understand that it is not possible to predict
or identify all such risks. Consequently, you should not consider
such disclosures to be a complete discussion of all potential risks
or uncertainties. We undertake no obligation to update such
forward-looking statements except as required by law.
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