Hanmi To Explore Strategic Alternatives

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Hanmi Financial Corp. on Monday said that its board authorized management to explore a broad range of strategic alternatives for its struggling Koreatown bank.

The Los Angeles holding company of Hanmi Bank, which primarily serves Korean-American and other ethnic businesses and individuals, said it hired Cappello Capital Corp., a Santa Monica firm, as its financial advisor.

Hanmi, which has 27 branches in the Los Angeles and San Francisco areas, has been hurt by losses in the commercial real estate market. The company suspended dividend payments last year to conserve cash, and acknowledged that bank officials have traveled to South Korea to speak with potential investors.

Shares were up 2 cents, or 1 percent, to $1.75 in midday trading on the Nasdaq.

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