The financial turmoil hit two L.A. banks hard last week.

In particular, Hanmi Financial Corp., which operates the largest ethnic Korean bank in Los Angeles, said it has been directed by regulators to take dramatic steps to shore up its capital levels.

In the face of mounting losses, Hanmi has entered into a supervisory agreement with the Federal Reserve Bank of San Francisco and the California Department of Financial
Institutions to address roughly a dozen separate concerns related to liquidity, management oversight, underwriting standards and other issues, according to an Oct. 14 filing with the Securities and Exchange Commission.

The institution has adopted “a consolidated capital plan” under the agreement and is now restricted from paying dividends, acquiring stock or hiring new executives without regulatory approval.

Hanmi, with $3.85 billion in assets and 26 branches mostly in Southern California, was not the only local bank to run into trouble with regulators last week.

The Federal Reserve Board said it has entered into a similar agreement with the smaller Alliance Bancshares California. The Culver City-based company, which has $1.1 billion in assets and operates six Alliance Bank branches, is required to submit a capital maintenance plan. Additional details were not immediately available and Alliance executives could not be reached for comment last week.

Hanmi said it has been working with regulators since concerns were first raised in March. Among the steps taken were several key management appointments and a round of layoffs.

“In August, we had organizational restructuring, reducing our head count by about 10 percent,” said Stephanie Yoon, an investor relations representative. “A lot of the items are already addressed.”

The bank, which offers a variety of banking products and services to consumers and businesses, has struggled this year with management issues and the souring performance of its commercial real estate loan portfolio.

Former Chief Executive Sung Won Sohn stepped down last December and it took until the summer for the board to hire a permanent successor, Jay S. Yoo. The bank also appointed a new chief credit officer, another position that had gone unfilled for months.

“Regulators are not pleased with the way the bank has been managed,” said Chris Stulpin, an analyst with D.A. Davidson & Co.

Hanmi posted a second quarter net loss of $106 million in July. At the same time, the company increased its loan-loss provision to $19.2 million, up 540 percent from the same quarter last year.

After release of the earnings, Yoo said that “the bank’s capital levels and liquidity position remain adequate” but he also noted that “we have not been immune to the pervasive and adverse effects of tighter credit and a slowing economy.”