The Federal Reserve Board has unanimously approved acquisitions by Hana Financial Group in Seoul, Korea, and Live Oak Bancshares in Wilmington, N.C.
Hana received the Fed's approval to acquire a 71% ownership interest in BNB Financial Services Corp. in New York City. The price was not disclosed, and Hana did not immediately return calls for comment.
It is Hana's first acquisition of a U.S. commercial bank. With assets of $260.4 billion, Hana is the third-largest banking organization in Korea. The Korean-American-owned BNB has $320.1 million of assets and four offices in New York and New Jersey.
"As a result of the incorporation of BNB Bank, we have the complete system to provide comprehensive financial services in the U.S., including corporate financial service and import-export trading financial service," a Hana spokesperson said in a press release. "In particular, Hana Financial Group has high expectations about the synergy arising from linking the operation of networks in the U.S. with networks in the Asia Belt, including China and Indonesia, which is showing rapid growth."
The Live Oak deal the Fed approved was for the North Carolina bank's acquisition of Government Loan Solutions in Cleveland. The $369.4-million asset company will engage in nonbanking activities with the purchase of Government Loan Solutions, which offers support services for customers with government-guaranteed loans.
Earlier this year, American Banker reported on Live Oak's forays into Small Business Administration lending. Despite its relatively small size, the company trails only Wells Fargo and U.S. Bancorp on the government's list of the most active SBA lenders.