Hanmi Financial Corporation Announces Memorandum of Business Alliance with Woori Finance Holdings, Co. Ltd. ("Woori") and Termin
June 15 2011 - 4:58PM
Hanmi Financial Corporation (Nasdaq:HAFC), the parent company of
its wholly-owned subsidiary Hanmi Bank, today announced that it has
entered into a Memorandum of Business Alliance with Woori, which
sets forth proposed business alliance programs between the parties.
Pursuant to the memorandum, such programs may include:
- mutual efforts to expand the parties' international trade
finance businesses
- mutual efforts to create a correspondent banking relationship
for international remittances
- exploring ways to provide services to each other's VIP
customers
- providing mutual support and assistance in benchmarking studies
related to best practices
- cooperation and communication in connection with personnel
training
- sharing of industry and economic information,
and information regarding potential capital investments in
Hanmi (when legally permitted)
- potential business activities between the companies' respective
subsidiaries
Hanmi President and CEO J.S. Yoo stated, "We are quite pleased
that we will be able to engage in a collaborative relationship with
Woori. The business alliance between Hanmi and Woori, which is
one of Korea's largest financial institutions, should benefit both
parties in our mutual efforts to expand our ongoing business
relationship. It should also help us to build value for our
shareholders through access to Woori's substantial
resources."
Hanmi also announced today that the Securities Purchase
Agreement, dated May 25, 2010, as amended, between the Company and
Woori has been terminated by mutual agreement of the
parties. Under the Securities Purchase Agreement, Woori had
agreed to purchase a majority stake in Hanmi, subject to regulatory
approvals.
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 of California, with 27 full-service
offices in Los Angeles, Orange, San Bernardino, San Francisco,
Santa Clara and San Diego counties, and a loan production office in
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.
Forward-Looking Statements
This news release contains forward-looking statements for which
the company claims the protection of the safe harbor contained in
the Private Securities and Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties.
A number of factors, many of which are beyond the Company's ability
to control or predict, could cause future results to differ
materially from those contemplated by such forward-looking
statements. The Company's Annual Report on
Form 10-K and other SEC filings discuss the most significant
risk factors that may affect our business, results of operations
and financial condition. The Company undertakes no obligation
to revise or update publicly any forward-looking statements for any
reason.
CONTACT: HANMI FINANCIAL CORPORATION
David Yang - (213) 637-4798
www.hanmibank.com
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