Hanmi Financial Corporation Announces Closing of $80.5 Million Underwritten Public Offering of Common Stock, Including Exerci...
November 18 2011 - 11:55AM
Hanmi Financial Corporation (Nasdaq:HAFC) (the "Company"), the
holding company for Hanmi Bank, today announced the closing of its
previously announced underwritten public offering of common stock.
FBR Capital Markets & Co. acted as the underwriter for the
offering. The Company raised $80.5 million in gross proceeds
by issuing 100,625,000 shares of the Company's common stock, which
includes the issuance of an additional 13,125,000 shares of common
stock as a result of the underwriter's exercise of its
over-allotment option, at a price to the public of $0.80 per
share. Woori Investment & Securities Co., Ltd. purchased
10,000,000 shares of common stock in the offering and holds
approximately 4.0% of the Company's outstanding common stock
(taking into account the shares issued in the offering).
The net proceeds to the Company after deducting underwriting
discounts and commissions and estimated offering expenses are
expected to be approximately $77.2 million. The Company intends to
contribute a substantial portion of the net proceeds from the
offering to Hanmi Bank as additional capital and to support future
organic growth and future acquisition driven growth. The Company
intends to retain the remaining net proceeds at the Company level
for use as working capital and other general corporate
purposes.
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 its 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
Investor Relations Officer
(213) 637-4798
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