Mergers & Acquisitions
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Deal Overview

Hanmi Financial Corporation
Actual Acquirer:
Hanmi Financial Corporation
Central Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Cash ($M) 78.8

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 60.8 71.5
Price / Tangible Book (%) 62.4 73.2
Price / Earnings (x) NM NM
Price / Deposits (%) 3.64 4.53
Price / Assets (%) 3.16 3.89
Tangible Book Premium/ Deposits (%) (3.20) (2.52)
Deal Terms
Description of Consideration

Hanmi Financial Corp. paid $17.64 per share in cash to acquire each shares of Central Bancorp Inc. Hanmi Financial Corp. assumed junior subordinated debentures with an unpaid principal balance of $26.8 million. Hanmi Financial Corp. also paid $28.7 million to redeem Central Bancorp Inc.'s preferred stock immediately prior to the consummation of the merger.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 47.00
Estimated Cost Savings ($ 000) 30,200
Est. Restructuring Charges ($ 000) 14,549
Maximum Termination Fee ($ 000) 1,500
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) 2,213
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes B. Riley FBR Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Sullivan & Cromwell LLP
Seller Yes Bracewell LLP