Hanmi Financial Corp. Announces Re-Election of Three Board Members
-- Continues Search for Permanent Chief Executive Officer --
LOS ANGELES--(BUSINESS WIRE)--
Hanmi Financial Corporation (Nasdaq: HAFC), the holding company of Hanmi Bank, announced that Richard B.C. Lee, Chang Kyu Park, and Mark K. Mason were re-elected at yesterday's Annual Meeting of Stockholders to the Board of Directors as Class III Directors for three-year terms.
Also announced at the Meeting was stockholder approval of a stockholder proposal requesting that the Board of Directors take the necessary steps to eliminate classification of terms of its Board of Directors without affecting the unexpired terms of previously elected directors.
Among the items discussed at the Meeting, and in subsequent remarks by Won R. Yoon, M.D., the Chairman of the Board, is the ongoing search for a permanent chief executive officer following the retirement of the former CEO on December 31, 2007. The Board, updating such remarks, is still in the process of developing a short list of candidates and has not made any decisions about final candidates. Although the search is not yet complete, the Board is utilizing its best efforts to expedite the process and hopes to make an announcement in the near future.
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 25 full-service offices in Los Angeles, Orange, San Francisco, Santa Clara and San Diego counties, and eight loan production offices in California, Colorado, Georgia, Illinois, Texas, Virginia and Washington. 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.hanmifinancial.com.
Forward-Looking Statements:
This 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: general economic and business conditions in those areas in which we operate; demographic changes; competition for loans and deposits; fluctuations in interest rates; risks of natural disasters related to our real estate portfolio; risks associated with SBA loans; changes in governmental regulation; ability to receive regulatory approval for Hanmi Bank to declare dividends to Hanmi Financial; credit quality and the effect of credit quality on our provision for credit losses and allowance for loan losses; the ability of borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to successfully integrate acquisitions we may make; the availability of capital to fund the expansion of our business; our ability to identify a qualified individual to assume the position of Chief Executive Officer; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2007, 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.
Source: Hanmi Financial Corporation
Released May 29, 2008