OP Bancorp, parent company of Open Bank, will acquire Hana Small Business Lending’s SBA portfolio in an asset purchase agreement. Hana Small Business Lending is a wholly-owned subsidiary of Hana Financial and an integrated, national SBA origination and servicing platform, originating nearly $1 billion of SBA loans since its inception.
The transaction includes the sale of approximately $105 million of SBA 7(a) loans as well as servicing rights relating to a pool of $295 million in loans. The transaction is subject to the satisfactory completion of certain due diligence requirements, purchase price adjustments at closing, and governmental and regulatory approvals.
“The sale of the SBA portfolio is a part of Hana Financial’s strategic plan to focus on and grow its factoring and asset-based lending businesses,” Sunnie S. Kim, president and CEO of Hana Financial, said.
Founded in 1994, Hana Financial is a Los Angeles-based non-bank financial services firm specializing in factoring, asset-based lending and SBA lending.