LOS ANGELES and HOUSTON, May 21, 2018 (GLOBE NEWSWIRE) — Hanmi Banking Corporation (NASDAQ:HAFC) (“Hanmi”), the captivation aggregation for Hanmi Bank, and SWNB Bancorp, Inc. (“SWNB”), a privately-held coffer captivation aggregation for Southwestern National Bank, headquartered in Houston, Texas, today appear that they had entered into a absolute acceding beneath which Hanmi will admission SWNB. The accession is accepted to aggrandize Hanmi’s bazaar allotment and calibration in key markets in Texas through SWNB’s retail annex arrangement strategically amid in ample Asian-American focused communities.
As of March 31, 2018, SWNB had about $411 actor in absolute assets, $261 actor in loans, $347 actor in deposits and six retail cyberbanking branches amid in ample cyberbanking markets of Houston, Dallas and Austin, TX. Aloft closing of the transaction, Hanmi will accept about $5.7 billion in assets, $4.7 billion in loans and $4.7 billion in deposits. Important cardinal allowances of the accession to Hanmi include:
Under the acceding of the agreement, SWNB shareholders will accept to accept 0.1961 shares of HAFC accepted banal or $5.74 in cash, accountable to the all-embracing claim that 80% of SWNB shares of accepted banal accept the banal application and the accept cash. The accumulated application of the transaction is about $76.7 million, which is based on HAFC’s closing banal amount of $28.65 per allotment as of May 18, 2018. The transaction is accepted to aing backward in the third division of 2018. Hanmi anticipates the accession will be accretive to balance per allotment in 2019 and will accomplish a bashful concoction to absolute book amount of 1.5% with an earn-back aeon of about three years. The centralized amount of acknowledgment on this transaction will be in balance of 20%.
“I am admiring to advertise the accession of Southwestern National Coffer and attending advanced to affable their barter and advisers to Hanmi,” said C. G. Kum, President and Chief Controlling Officer of Hanmi Banking Corporation. “This transaction will ster our brand in adorable Texas cyberbanking markets and is accepted to be accretive to balance per allotment in 2019 and beyond. SWNB has a able portfolio of assets with an accomplished acclaim contour alternating with an adorable drop base. In addition, with a loan-to-deposit arrangement of 75%, SWNB brings over $100 actor in balance clamminess that we plan to arrange into new loans as we abound and calibration the Hanmi franchise. This transaction is an important anniversary for Hanmi and a abundant befalling to body on our clue almanac of acknowledged M&A affairs which accept added actor value.”
Commenting on the agreement, C.K. Lee, Chairman of the Board of Admiral of SWNB Bancorp, Inc., said, “This transaction is acutely absolute for accepted SWNB employees, alternating with our loyal customers. In addition, it provides a abundant befalling for accepted SWNB shareholders to abide to body on the abiding success we accept accomplished at SWNB through their buying of Hanmi accepted stock. We are aflame to become allotment of the Hanmi authorization and to booty advantage of new capabilities to serve our barter while accidental to the approaching advance of the Bank.”
The Board of Admiral of both Hanmi and SWNB accustomed the transaction and admiral and controlling admiral of SWNB accept entered into acceding with Hanmi, pursuant to which they accept agreed to vote their shares of SWNB accepted banal in favor the transaction. Closing of the transaction is accidental aloft approval by shareholders of SWNB, as able-bodied as accepted authoritative approvals.
D.A. Davidson & Co. is confined as banking adviser and Luse Gorman, PC is confined as acknowledged adviser to Hanmi. Sheshunoff & Co. is confined as banking adviser and Fennimore, Kay, Harrison & Ford, LLP is confined as acknowledged adviser to SWNB.
Conference Call Management will host a appointment alarm today, May 21, 2018 at 8:30 a.m. PT (11:30 a.m. ET) to altercate the transaction. This alarm will additionally be advertisement alive via the internet. Advance professionals and all accepted and -to-be stockholders are arrive to admission the alive alarm by dialing 1-877-407-9039 afore 8:30 a.m. PT, application admission cipher HANMI. To accept to the alarm online, either alive or archived, appointment the Investor Relations folio of Hanmi’s website at www.hanmi.com.
About Hanmi Banking Corporation
Headquartered in Los Angeles, California, Hanmi Banking Corporation owns Hanmi Bank, which serves multi-ethnic communities through its arrangement of 40 full-service branches and 9 accommodation assembly offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Coffer specializes in absolute estate, commercial, SBA and barter accounts lending to baby and average bazaar businesses. Additional advice is accessible at www.hanmi.com.
About SWNB Bancorp, Inc.
Founded in 1997 and headquartered in Houston, Texas, Southwestern National Bank, a wholly-owned accessory of SWNB Bancorp, Inc. serves multi-ethnic communities in Houston, Dallas and Austin through a arrangement of six full-service branches. Additional advice on SWNB Bancorp, Inc. and Southwestern National Coffer may be begin on its website: www.swnbk.com.
This columnist absolution contains advanced statements aural the acceptation of the Private Balance Litigation Reform Act of 1995. These advanced statements include, but are not bound to, statements about (1) the allowances of the alliance amid Hanmi and SWNB, including advancing approaching results, amount accumulation and accession to appear balance that may be accomplished from the merger; (2) Hanmi and SWNB’s plans, objectives, expectations and intentions and added statements independent in this presentation that are not absolute facts; and (3) added statements articular by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” or words of agnate meaning.
Forward-looking statements absorb risks and uncertainties that may account absolute after-effects to alter materially from those in such statements. The afterward factors, amid others, could account absolute after-effects to alter materially from the advancing after-effects bidding in the advanced statements: the businesses of Hanmi and SWNB may not be accumulated successfully, or such aggregate may booty best than expected; the amount accumulation from the alliance may not be absolutely accomplished or may booty best than expected; operating costs, chump accident and business disruption afterward the alliance may be greater than expected; authoritative approvals of the alliance may not be obtained, or adverse authoritative altitude may be imposed in affiliation with authoritative approvals of the alliance or otherwise; the stockholders of SWNB may abort to accept the merger; acclaim and absorption amount risks associated with Hanmi’s and SWNB’s corresponding businesses; and difficulties associated with accomplishing accepted approaching banking results. Additional factors that could account absolute after-effects to alter materially from those bidding in the advanced statements are discussed in Hanmi’s letters (such as the Annual Report on Form 10-K, Quarterly Letters on Form 10-Q and Accepted Letters on Form 8-K) filed with the SEC and accessible at the SEC’s Internet website (www.sec.gov). All consecutive accounting and articulate advanced statements apropos the proposed transaction or added affairs attributable to Hanmi or SWNB or any actuality acting on their account are especially able in their absoluteness by the cautionary statements above. Except as appropriate by law, Hanmi and SWNB do not undertake any obligation to amend any advanced account to reflect affairs or contest that action afterwards the date the advanced account is made.
Important Additional Information
This advice is actuality fabricated in account of the proposed alliance amid Hanmi and SWNB. This advice does not aggregate an action to advertise or the address of an action to buy any balance or a address of any vote or approval.
In affiliation with the proposed transaction, Hanmi intends to book a allotment account on Form S-4 with the SEC, which will accommodate a proxy account of SWNB and a announcement of Hanmi, and Hanmi and SWNB will book added abstracts apropos the proposed transaction with the SEC. Before authoritative any voting or advance decision, investors and aegis holders of SWNB are apprenticed to anxiously apprehend the absolute allotment account and proxy statement/prospectus, back they become available, as able-bodied as any amendments or supplements to these documents, because they will accommodate important advice about the proposed transaction. The abstracts filed by Hanmi with the SEC may be acquired chargeless of allegation at the SEC’s website at www.sec.gov. In addition, the abstracts filed by Hanmi may be acquired chargeless of allegation at its website at www.hanmi.com or by contacting Hanmi Banking Corporation, 3660 Wilshire Boulevard, Penthouse Suite A, Los Angeles, California 90010, Attention: Richard Pimentel, Corporate Accounts Officer, blast (213) 427-3191.
Hanmi and SWNB and assertive of their admiral and controlling admiral may be accounted to be participants in the address of proxies of SWNB’s shareholders in affiliation with the proposed transaction. Advice about the admiral and controlling admiral of Hanmi and their buying of Hanmi accepted banal is set alternating in the proxy account for Hanmi’s 2018 Annual Meeting of Shareholders, as filed with the SEC on Schedule 14A on April 13, 2018. Additional advice apropos the interests of those participants and added bodies who may be accounted participants in the transaction may be acquired by account the proxy statement/prospectus apropos the proposed alliance back it becomes available. Chargeless copies of this certificate may be acquired as declared in the above-mentioned paragraph.
Hanmi Banking Corporation Investor Contacts:
Romolo (Ron) SantarosaSenior Controlling Vice President & Chief Banking Officer213-427-5636
Richard PimentelSenior Vice President & Corporate Accounts Officer213-427-3191
Lasse GlassenInvestor RelationsAddo Investor Relations424-238-6249
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