Hanmi Financial: FRB of San Francisco lifts regulatory enforcement actions

theflyonthewall.com

Hanmi Financial (HAFC), the holding company for Hanmi Bank, announced that the Federal Reserve Bank of San Francisco has informed Hanmi and the Bank that the Written Agreement entered into between Hanmi, the Bank and the FRB on November 2, 2009 has been terminated, effective December 4. As a result, with the recent lifting of the Memorandum of Understanding with the California Department of Financial Institutions on October 29, and today's termination of the Written Agreement, the Bank is no longer subject to any ongoing enforcement actions. "We are pleased to report the termination of the Written Agreement with the Federal Reserve Bank of San Francisco and leave our regulatory issues behind us. This important step confirms that our efforts to improve our financial condition have been successful and we will continue to effectively manage our capital and credit," said Jay Yoo, President and CEO of Hanmi. "I would like to thank the entire Hanmi team for their dedicated contributions. We are now a much stronger company and look forward to upcoming challenges and opportunities."

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