Bank acquisition in Houston stalls after investors fail to approve it

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Hanmi Financial’s pending purchase of SWNB Bancorp is in limbo after SWNB was unable to secure enough shareholder votes to approve its sale.

While a majority of SWNB’s outstanding shares voted for the deal, the $5.4 billion-asset Hanmi disclosed in a regulatory filing Wednesday that at least two-thirds of the votes were needed to endorse the transaction.

The companies are “assessing their options … and will make further disclosure at such time as further determinations have been made,” the filing said.

The $411 million-asset SWNB had already postponed a vote set for mid-August after the companies revised the deal’s terms. Hanmi, which is based in Los Angeles, increased the cash component following a request from the seller, a spokesman said at the time.

Hanmi, which agreed in May to buy SWNB for $77 million, had already received regulatory approval to buy the Houston company.

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