Los Angeles-based Hanmi Financial Corporation (HFC), the holding company of Hanmi Bank, has entered into a definitive securities purchase agreement with Leading Investment & Securities (LIS), a Korean securities broker-dealer. LIS will initially invest approximately $6.9 million in the purchase of approximately 5 million shares of newly issued common stock, giving LIS 9.9% of the total outstanding common stock of HFC.
Upon receipt of certain regulatory consents, the initial investment will be followed by an additional investment of approximately $4.1 million, giving LIS in aggregate 14.9% of the total outstanding common stock of HFC. These investments are expected to be completed by July.
HFC is also in active negotiations with certain Korean institutional investors relating to a larger equity capital infusion. These Korean institutional investors are conducting due diligence of HFC.
Jay Yoo, President and CEO of HFC, said: “We welcome the proposed investment by Leading Investment & Securities. In addition to enhancing Hanmi’s capital levels, it demonstrates a confidence in Hanmi’s ability to weather what is proving to be a severe and prolonged recession.”
Keefe, Bruyette & Woods served as HFC’s financial adviser and Hunton & Williams served as legal adviser. Bae, Kim & Lee, Seoul served as legal advisor to LIS.
HFC offers commercial, small business administration and trade finance lending services.
LIS provides securities brokerage, mergers and acquisitions and investment banking services and other financial services.
