Hanmi in California Sells Insurance Operations

M&A

City National in L.A. to Sell Retirement Division

City National Bank in Los Angeles has agreed to sell its retirement services business to OneAmerica, an insurance and asset management firm.

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Shore Bancshares in Maryland Raises $32M, Sells Insurance Agency

The $1 billion-asset company disclosed in a regulatory filing Tuesday that it sold Tri-State General Insurance Agency to an unnamed buyer for $2.9 million.

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Hanmi Financial (HAFC) in Los Angeles has sold two insurance businesses to Chunha Holding in Garden Grove, Calif.

The $3 billion-asset Hanmi said in a press release Friday that it sold Chun-Ha Insurance Services and All World Insurance Services on June 30. The amount was not disclosed.

"We want to focus our efforts and resources on growing our core banking franchise," C.G. Kum, Hanmi's president and chief executive, said in the release. "These insurance businesses have provided limited contributions to our operating results, and no longer fit into our business banking strategy.

The sale comes as Hanmi prepares to buy the $1.6 billion asset Central Bancorp in Garland, Texas. Kum has also expressed an interest in expanding the bank nationwide.

Kristin Broughton

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