Note 16 — Subsequent Events

In connection with Hanmi Financial’s acquisition of Central Bancorp, Inc. (“CBI”), the Bank received notice of approval from the Federal Reserve Bank of San Francisco on July 17, 2014. On August 1, 2014, Hanmi Financial, received a waiver of the application requirements under the Bank Holding Company Act of 1956 from the Federal Reserve Bank of San Francisco, acting on delegated authority from the Board of Governors of the Federal Reserve System, in connection with the proposed merger of CBI with and into Hanmi Financial and the proposed merger of United Central Bank (“UCB”), the Texas state-chartered bank subsidiary of CBI, with and into Hanmi Bank.

On August 4, 2014, the California Department of Business Oversight approved Hanmi Bank’s application to merge with UCB.

All necessary regulatory clearances to consummate the mergers have been received. The transaction, which was announced on December 16, 2013 and approved by the shareholders of CBI on April 17, 2014, is expected to be completed on August 31, 2014, subject to the satisfaction of other customary closing conditions pursuant to the definitive agreement.