Hanmi Bank in Los Angeles said four of its directors retired Wednesday, following a regulatory order that requires it to enhance board oversight.
The bank's $3.8 billion-asset parent, Hanmi Financial Corp., said Won Ro Yoon, Ki Tae Hong, Chang Kyu Park, and Stuart Ahn stepped down. All except Mr. Ahn also stepped down from the parent's board.
"Hanmi has achieved remarkable growth during the tenures of these gentlemen, and we wish them all the best in their retirement." Jay S. Yoo, Hanmi Financial's president and chief executive, said in a press release.
The company said it is searching for successors.
Last month Hanmi Bank signed a memorandum of understanding with the Federal Reserve Bank of San Francisco and the California Department of Financial Institutions. Among other things, the agreement requires it to beef up senior management, improve oversight of its board and its lending and fund management policies, and maintain minimum ratios to be considered well capitalized.
Hanmi Financial would not comment further Wednesday. A source close to the company said that the regulatory order did not require the directors to retire, and that the company asked them to do so, because the order requires Hanmi to enhance the board and improve succession planning. (All four directors were over 60.)