Discussions for the sale of Hanmi Financial Corp have stalled because of a number of disagreements over management and price per share. According to individuals with knowledge of the sale, the discussions have been with rivals Wilshire Bancorp and BBCN Bancorp Inc.
Hanmi Financial is the second biggest bank that services many Korean-American communities, thus the interest from Wilshire and BBCN which are both located in the Los Angeles area.
The discussions have stalled because of the differences on the pricing of the value of the bank and who would be at the helm of the bank. Another issue is the reluctance of some Hanmi board members to sell their shares.
After Bloomberg's report that Hanmi was hiring DelMorgan and Co for financial advice on the sale, the share values of the bank have risen 9%. The stock increased by less than a percent to a value of US$16.69, with a market valuation of US$526 million.
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