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Hana Financial Group of Seoul, South Korea, has agreed to buy newly issued shares of common stock, and a 51% ownership interest, in Saehan Bancorp in Los Angeles.
February 10 -
Saehan Bancorp in Los Angeles has reported a profit in two straight quarters after losing more than $75 million in 2009 and 2010.
August 16
Hana Financial Group no longer plans to acquire a 51% ownership stake in Saehan Bancorp of Los Angeles.
The companies have "mutually terminated" the acquisition agreement, the $576 million-asset Saehan said Monday. A specific reason was not given in the press release, and officials at Saehan were not immediately available for comment.
In February, Hana Financial of Seoul, South Korea, said it would buy newly issued shares of common stock and the
Saehan had previously said that the deal would allow it to focus on upgrading its risk management systems and support private banking functions. The bank has 10 branches in California in addition to a Seattle loan production office and a New York division.
