Parent of bank serving Korean community, with branch in Torrance, ordered to raise $100 million.
Hanmi Financial Corp., which owns the largest bank focused on the Korean American market, reported another large quarterly loss Thursday and said regulators had ordered it to raise $100 million in capital by July or face seizure.
The parent of Hanmi Bank wants to raise the new capital from private investors in South Korea, giving them a controlling stake, said Jay S. Yoo, the company’s chief executive.
But some analysts said the Los Angeles company would struggle to raise the needed money, mainly because regulators have permitted few purchases by industry outsiders.
W. Chris Stulpin, an analyst who follows Asian American banks for D.A. Davidson & Co., described Hanmi’s chances of getting consent to sell to foreigners as “slight to nil.”
Hanmi lost $59.7 million, or $1.26 a share, in the third quarter after adding $49.5 million to its provisions for possible loan losses. A year earlier, the company earned $4.3 million, or 9 cents a share.
During a conference call, Yoo blamed the “disappointing” results on the “ever-worsening credit market,” especially for mortgages on commercial real estate.
Hanmi shares fell 9 cents, or 6%, on Thursday to $1.40, reducing its stock market value to about $60 million.
