LOS ANGELES, CA –Hanmi Financial Corp, the holding company for Hanmi Bank with its corporate headquarters in Los Angeles , announced on Sept 2 that it had completed its acquisition of Central Bancorp, the parent company of United Central Bank, effective as of August 31. The well attended event held...
With the merger complete, Hanmi becomes the second largest Korean American Bank in the United States with 50 banking offices and three loan production offices serving different communities across California, Illinois, New Jersey, New York, Texas, Virginia, and Washington. The combined entity has approximately $4.4 billion in assets, $2.8 billion in gross loans, and $3.7 billion in deposits, providing Hanmi with the leading deposit market share among Korean American Banks in Illinois, Texas, and Virginia along with a substantial market share in California.
“The completion of our merger is a momentous occasion for Hanmi,” said Kum. “Having opened our first branch in Los Angeles in 1982 with the clear mission of helping immigrants achieve the American Dream, we are thrilled to now provide our customers with 50 branches across the US. With this expanded geographic presence, we will broaden our market share from our core Korean American customer base to the wider Asian American and mainstream communities, making Hanmi the first Korean American Bank to extend into these additional communities.”
One such market Hanmi is focused on tapping is the Indian-American community. Speaking with India Journal Kum and Rho said Hanmi was looking to hire a large number of Indian-Americans on their staff beginning with their office in Texas. To get their foot into the door, they plan on sponsorship of community events in Southern California.
Kum added, “I am very pleased that the transaction has proceeded so smoothly, and we can now fully focus our efforts on integrating the two banks as quickly as possible. With the new Hanmi Bank, all of our loyal customers will have the benefit of a larger product offering, improved lending capacity, and enhanced customer service.” For more info: www.hanmi.com.