Hanmi Financial Corp. to Raise Minimum Hourly Wage by 36% to $15

LOS ANGELES, Dec. 27, 2017 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (Nasdaq:HAFC) (“Hanmi”), the holding company for Hanmi Bank (the “Bank”), today announced that it is increasing its hourly minimum wage by 36% to $15 per hour, effective January 1, 2018.

Approximately 100 Hanmi employees, or 13% of the total workforce, will benefit from the new minimum hourly wage.  With this move, Hanmi is well in excess of the minimum wage requirements in all states in which it operates, including California, where some employees will see their wages increase by as much as 36% from current levels.

“Our employees are Hanmi’s most important asset and today’s announcement is in alignment with the Bank’s core values,” said C. G. Kum, President & CEO of Hanmi. “The recent tax reforms enacted by Congress, including significantly lower corporate tax rates, have provided an opportunity for Hanmi to review our current compensation policies and pass along some of the benefits to employees. I greatly appreciate the important role our hourly employees play in providing exceptional service for our customers and strongly believe increasing compensation for these team members will have a positive impact on our business.”

About Hanmi Financial Corporation

Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 39 full-service branches and 6 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Contact:

Richard Pimentel
Corporate Finance Officer
213-427-3191

Lasse Glassen
Addo Investor Relations
310-829-5400

Released December 27, 2017