On May 18, 2018, Hanmi Financial Corporation (“Hanmi”), Los Angeles, California, and SWNB Bancorp, Inc. (“SWNB”), Houston, Texas, entered into a definitive merger agreement pursuant to which SWNB will merge with and into Hanmi, with Hanmi as the resulting company. SWNB shareholders will elect to receive 0.1961 shares of Hanmi common stock or $5.74 in cash, subject to the overall requirement that 80% of SWNB shares of common stock receive the stock consideration and the remainder receive cash, for total merger consideration of approximately $76.7 million. As part of the merger, Southwestern National Bank, the subsidiary of SWNB, will merge with and into Hanmi Bank, the subsidiary of Hanmi.

Luse Gorman served as legal counsel to Hanmi in the transaction. The Luse Gorman team consisted of Lawrence Spaccasi, Scott Brown, Gregory Sobczak and Zachary Davis (Corporate/M&A) and Beverly White (Executive Compensation).

Hanmi has approximately $5.3 billion in total assets and serves multi-ethnic communities through its network of 40 full-service branches and nine loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia.

SWNB has approximately $411 million in total assets and serves multi-ethnic communities in Houston, Dallas and Austin through a network of six full-service branches.