Hanmi Financial Corporation

Hanmi Financial Corporation is the holding company for Hanmi Bank and is headquartered in Los Angeles, California. It is the largest Korean-American bank in the US, with more than 20 branches, and it caters to the Korean-American customer. Hanmi Bank opened its doors in 1982 and became a public company in 1988.  In 1995, Hanmi bank launched its website, and by 1998, Hanmi Bank had become the largest Korean-American bank in the United States.  In 2000, Hanmi Financial Corporation was originated, and in 2001, Hanmi stock began to be traded on the NASDAQ.  Hanmi Bank has created a strategic alliance with the Woori Bank in Korea. Through various mergers, acquisitions and expansions Hanmi Bank has grown from a single branch in 1982 to operating 22 branches and numerous loan centers in California and beyond. Hanmi Bank offers standard bank services like checking, savings, and  money market accounts, as well as CDs. Hanmi Bank's lending activities focus on commercial and industrial loans (more than 50% of its portfolio) and commercial real estate loans (nearly 35%), but also include residential mortgages, and consumer, construction, and small business administration loans.  Sung Won Sohn is the President, Chief Executive Officer and Director of Hanmi Financial and Hanmi Bank.   They employ approximately 535 people.  Hanmi Financial Corporation holds $3105 million in assets and had a pretax earning of $60 million for the fiscal year ending in December 2005.

Hanmi Bank Mortgage Loans

Hanmi Bank offers fixed rate mortgage programs.  This loan option is available only on a first mortgage, however.  A fixed rate loan is for the customer who is concerned about rising interest rates or uncomfortable with fluctuating principal and interest payments, as the interest rate is set for the term available and won't change throughout the life of the loan.  Monthly principal and interest payments remain constant throughout the term of the loan, and the amounts allocated to each change as the principal changes.

Hanmi Bank also offers adjustable rate mortgages, known as ARMs.  The initial ARM rate is generally lower than the fixed mortgage rate. ARMs differ from fixed-rate mortgages in that the interest rate moves up or down after the initial period. These loans may be attractive to the customer if there are short-term plans to sell or refinance the property. The interest rate is set for a period of time, and then it will adjust at scheduled intervals for the remainder of the loan.

Hanmi Bank Home Equity Loans

Hanmi Bank offers the home equity line of credit, also known as a HELOC, which is a lot like a credit card in that it can be continuously used up to your credit line limit, and then repaid and used again. One of the best parts of a home equity line of credit is that the interest rate is typically lower than a credit card and interest paid can be tax deductible (please consult your tax advisor for more information).  The customer has the security of available cash, yet doesn’t pay interest until he actually uses it. 

Hanmi Bank also offers construction and term loans, bridge financing, acquisition and rehab financing, refinancing term loans and loans through the Federal Home Loan Bank of San Francisco Affordable Housing Program Subsidy.  Hanmi Bank belongs to the Small Business Association’s Preferred Lender Program.

Hanmi Bank offers many funding options and prefers that they be contacted in person or by phone at either a branch banking office or one of their residential mortgage centers.

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