Mergers & Acquisitions
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Deal Overview

Buyer:
Hanmi Financial Corporation
Actual Acquirer:
Hanmi Bank
Target:
SWNB Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/18/2018
Announcement Date:
5/21/2018
Announced Deal Value ($ M):
71.51
Status:
Terminated
Completion Date:
9/26/2018
Announced Deal Value Per Share ($ )
5.26

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 145.0 NA
Price / Tangible Book (%) 145.0 NA
Price / Earnings (x) 22.0 NA
Price / Deposits (%) 21.07 NA
Price / Assets (%) 17.68 NA
Tangible Book Premium/ Deposits (%) 9.84 NA
Deal Terms
Description of Consideration

Hanmi Financial Corp. would have paid $5.74 per share in cash or exchanged 0.1961 shares of its common stock for each of the outstanding share of SWNB Bancorp Inc., subject to 70% of the consideration would have been paid in stock. Target financials at definitive event are for Southwestern National Bank. Hanmi Financial Corp. would have paid $361,000 for SWNB Bancorp Inc.'s options.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 4,400
Est. Restructuring Charges ($ 000) 3,500
Maximum Termination Fee ($ 000) 3,120
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 4,200
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes D.A. Davidson & Co.
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Fenimore Kay Harrison & Ford