Hanmi Financial, the holding company for Hanmi Bank, and SWNB Bancorp, a privately-held bank holding company for Southwestern National Bank, headquartered in Houston, entered into a definitive agreement under which Hanmi will acquire SWNB.
The acquisition, anticipated to close late in Q3/18, is expected to expand Hanmi’s market share and scale in key markets in Texas through SWNB’s retail branch network strategically located in large Asian-American focused communities.
As of March 31, 2018, SWNB had approximately $411 million in total assets, $261 million in loans, $347 million in deposits and six retail banking branches located in large banking markets of Houston, Dallas and Austin, TX. Upon closing of the transaction, Hanmi will have approximately $5.7 billion in assets, $4.7 billion in loans and $4.7 billion in deposits.
“I am pleased to announce the acquisition of Southwestern National Bank and look forward to welcoming their customers and employees to Hanmi,” said C. G. Kum, president and CEO of Hanmi Financial. “This transaction will bolster our footprint in attractive Texas banking markets and is expected to be accretive to earnings per share in 2019 and beyond.”
C.K. Lee, chairman of the board of directors of SWNB Bancorp, said, “This transaction is extremely positive for current SWNB employees, along with our loyal customers. In addition, it provides a great opportunity for current SWNB shareholders to continue to build on the long-term success we have achieved at SWNB through their ownership of Hanmi common stock. We are excited to become part of the Hanmi franchise and to take advantage of new capabilities to serve our customers while contributing to the future growth of the Bank.”
The board of directors of both Hanmi and SWNB approved the transaction and directors and executive officers of SWNB have entered into agreement with Hanmi, pursuant to which they have agreed to vote their shares of SWNB common stock in favor the transaction. Closing of the transaction is contingent upon approval by shareholders of SWNB, as well as customary regulatory approvals.
