Hanmi Financial Corporation Announces Successful Initial Closing of Rights
Offering and Best Efforts Public Offering
LOS ANGELES, July 22, 2010 (GLOBE NEWSWIRE) — Hanmi Financial Corporation
(Nasdaq:HAFC), the holding company for Hanmi Bank, today reported that on July
21, 2010 it successfully completed the initial closing of its rights and best
efforts public offerings. Hanmi fulfilled a key condition to the closing of the
offerings by raising well in excess of the $105 million required to close.
“We are very pleased with the success of the offerings and grateful for the
support shown by our stockholders. We are also pleased with the confidence
shown by the investment community in Hanmi’s future,” stated Jay S. Yoo,
President and Chief Executive Officer.
Hanmi also announced that it has scheduled a final closing of the best efforts
public offering for 5 p.m., Pacific Time, on Monday, July 26, 2010. The final
closing is intended to accommodate further demand and allow for the processing
of additional funds, up to $120 million in the aggregate, the maximum amount
available in the offerings.
Hanmi intends to contribute at least $100 million of the net proceeds from the
offerings to Hanmi Bank as additional capital by July 31, 2010 to satisfy a
requirement of Hanmi Bank’s regulatory order from the California Department of
Financial Institutions.
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 press release contains forward-looking statements, which are included in
accordance with the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “should,” “could,” “expects,”
“plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,”
“potential,” or “continue,” or the negative of such terms and other comparable
terminology. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements. These statements involve known
and unknown risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to differ from those
expressed or implied by the forward-looking statement. These factors include the
following: failure on or about July 26, 2010 to close on any or all of the
remaining amount available in the best efforts public offering; inability to
consummate the proposed transaction (the “Transaction”) with Woori Finance
Holdings Co. Ltd. (“Woori”) on the terms contemplated in the Securities Purchase
Agreement entered into with Woori on May 25, 2010; failure to receive regulatory
or stockholder approval for the Transaction; inability to continue as a going
concern; inability to raise additional capital on acceptable terms or at all;
failure to maintain adequate levels of capital and liquidity to support our
operations; the effect of regulatory orders we have entered into and potential
future supervisory action against us or Hanmi Bank; general economic and
business conditions internationally, nationally and in those areas in which we
operate; volatility and deterioration in the credit and equity markets; changes
in consumer spending, borrowing and savings habits; availability of capital from
private and government sources; demographic changes; competition for loans and
deposits and failure to attract or retain loans and deposits; fluctuations in
interest rates and a decline in the level of our interest rate spread; risks of
natural disasters related to our real estate portfolio; risks associated with
Small Business Administration loans; failure to attract or retain key employees;
changes in governmental regulation, including, but not limited to, any increase
in FDIC insurance premiums; ability to receive regulatory approval for Hanmi
Bank to declare dividends to the Company; adequacy of our allowance for loan
losses, credit quality and the effect of credit quality on our provision for
credit losses and allowance for loan losses; changes in the financial
performance and/or condition of our borrowers and the ability of our borrowers
to perform under the terms of their loans and other terms of credit agreements;
our ability to successfully integrate acquisitions we may make; our ability to
control expenses; and changes in securities markets. In addition, we set forth
certain risks in our reports filed with the U.S. Securities and Exchange
Commission (“SEC”), including attached as an Exhibit to a Current Report on Form
8-K filed with the SEC on June 18, 2010, and current and periodic reports filed
with the U.S. Securities and Exchange Commission hereafter, which could cause
actual results to differ from those projected. We undertake no obligation to
update such forward-looking statements except as required by law.
CONTACT: Hanmi Financial Corporation
Brian E. Cho, Chief Financial Officer
(213) 368-3200
David Yang, Investor Relations and Corporate Planning
(213) 637-4798