By Debbie Cai
Hanmi Financial Corp. (HAFC), parent of California's Hanmi Bank,
confirmed it is in talks to explore strategic options including a
potential merger or sale.
The company said it has retained DelMorgan & Co. as its
adviser and plans to continue substantive discussions with certain
strategic banks and bank-holding companies on options. It said no
definitive terms or agreements have been reached and didn't give
further details.
Hanmi Financial operates commercial banking and financial
services through its subsidiary Hanmi Bank, the second-largest U.S.
bank catering to Korean-Americans.
Less than two years ago, Hanmi canceled the sale of a majority
stake to Woori Finance Holdings Co. (WF), a deal that would have
given South Korea's largest financial services group by assets
control of the U.S.-based Hanmi. Instead, the companies entered a
business alliance.
In November, Hanmi's chief financial officer Lonny Robinson
resigned and his duties are being handled in the interim by Chief
Strategy Officer Shick Yoon.
Hanmi Financial in its recent third quarter reported that its
net income more than tripled to $13.3 million as asset quality
improved and the company became more efficient. It has also
benefited from a reversal of deferred tax asset valuation
allowance, adding $4.9 million to offset its tax obligation for the
quarter.
Shares of the company were halted after hours. The stock jumped
8.1% to $15.26 in regular-session trading following media reports
that Hanmi Financial was looking to sell itself. The stock is up
89% over the past 12 months.
Write to Debbie Cai at debbie.cai@dowjones.com
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