September 8, 2009
The Los Angeles based holding company Hanmi Financial Corp., which also owns Hanmi Bank; announced today that it had received a $6.9 million investment which was led by Korean investment firm, Leading Investments & Securities Co., Ltd. This frunding round comes on the heals of a securities purchase agreement that Hanmi entered into in June 12, 2009. The agreement was then subsequently amended the agreement on July 31, 2009. As part of this amendment, Leading Investments & Securities Co.,Ltd. pledged to invest up to $11 million in common equity capital.
Hanmi Financial Corporation is a holding company that funds ethnic minority communities in the Los Angeles area and has 27 full service offices functioning in the area that encompasses the Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara, and San Diego counties. Hanmi Bank also has two loan offices in other parts of the United States as well, which are located in both Virgina and Washington State. Some of the financial services that Hanmi Bank and the Hanmi Financial Corporation specialize in include small business administration and commercial loans, as well as trade finance lending. Furthermore, Hanmi has become a leading financial institution in the Bay Area community.
According to Hanmiâ€™s president and CEO, Jay S. Yoo; the people at Hanmi are happy to have received the $9.6 million financing from Korea-based Leading Investments & Securities Co., Ltd.; and Mr. Yoo further stated that his team looks forward to receiving the remaining $4.1 million to complete the $11 million funding round. Mr. Yoo also added that when this entire $11 million funding round from Leading Investment & Securities Company is completed, it will provide Hanmi the extra capital needed to augment the bankâ€™s reserves and will also enhance Hanmiâ€™s ability to weather the current financial crisis and also allow Hanmi to emerge to be well positioned to seize lucrative opportunities as soon as the economy recovers. Hanmi is also very busy working together with other investors as well. Currently, Hanmi is undergoing active negotiations with some other investors from South Korea to try to receive more equity infusion.
Based in South Korea, Leading Investments & Securities Company, Ltd. is a financial service providers that specializes in providing securities brokerage, corporate mergers, and acquisitions. Leading Investments & Securities also specializes in investment banking services as well as a wide range of other kinds of financial services for corporations, institutional investors, and individuals.
For more information about Hanmi Financial Corp., click here.