Hanmi Financial Corporation Announces That Woori Finance Holdings Co. Ltd. Files Applications With Federal Reserve Board and Cal
June 24 2010 - 1:18AM
As a follow-up to the announcement made on May 26, 2010, Hanmi
Financial Corporation (Nasdaq:HAFC), the holding company for Hanmi
Bank (collectively "Hanmi"), today reported that Woori Finance
Holdings Co. Ltd. ("Woori") filed required regulatory applications
with the Korean Financial Services Commission, the U.S. Federal
Reserve Board, and the California Department of Financial
Institutions in connection with its proposed investment
in Hanmi of up to $240 million pursuant to a securities
purchase agreement Hanmi and Woori entered into on May 25.
2010. Receipt of approvals by Korean regulators, the Federal
Reserve Board, and the Department of Financial Institutions is a
condition to closing of the securities purchase agreement.
Additional Information
A proxy statement relating to certain of the matters
discussed in this news release, including a more complete summary
of the terms and conditions of the securities purchase agreement
with Woori, was filed with the SEC on June 16, 2010.
Hanmi is seeking approval of the issuance of securities to Woori at
its upcoming meeting of stockholders to be held on July 28,
2010. Copies of the proxy statement and other related
documents may be obtained for free from the SEC website
(www.sec.gov) or by contacting Hanmi Financial Corp., Attn:
Investor Relations, David J. Yang 213-637-4798. Hanmi's
shareholders are advised to read the proxy statement, because it
contains important information, and Hanmi notes that the
shareholder meeting on the matters discussed in the proxy statement
may occur after the closing of the registered rights and best
efforts offering. Hanmi, its directors, executive officers and
certain members of management and employees may be considered
"participants in the solicitation" of proxies from Hanmi's
shareholders in connection with certain of the matters discussed in
this news release. Information regarding such persons and their
interests in Hanmi is contained in Hanmi's proxy statements and
annual reports on Form 10-K filed with the SEC. Hanmi has engaged
the services of D.F. King & Co., Inc. to assist in soliciting
proxies. Shareholders and investors may obtain additional
information regarding the interests of Hanmi, its directors and
executive officers and D.F. King & Co., Inc. in the matters
discussed in this news release by reading the proxy statement and
other relevant documents regarding the matters discussed in this
news release. Cautionary Statements
The issuance of the securities to Woori described in this news
release have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws,
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities
laws. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of the securities in any
jurisdiction or state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction or state.
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: inability to consummate the proposed
transactions with Woori on the terms contemplated in the agreement
with Woori; failure to receive regulatory or stockholder approval
for the transactions contemplated with Woori; inability to continue
as a going concern; inability to raise additional capital on
acceptable terms or at all; failure to maintain adequate levels of
capital and liquidity to support our operations; 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 Small Business Administration
("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;
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, 2009 and current and periodic reports filed with
the Securities and Exchange Commission thereafter, which could
cause actual results to differ from those projected. We undertake
no obligation to update such forward-looking statements except as
required by law.
Sources:
http://www.laedc.org/reports/Forecast-2010-02.pdf
CONTACT: Hanmi Financial Corporation
BRIAN E. CHO, Chief Financial Officer
(213) 368-3200
DAVID YANG, Investor Relations and Corporate Planning
(213) 637-4798
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