Hanmi Financial Corp. in Los Angeles has amended an agreement with Woori Finance Holdings Co. Ltd. for the second time as the companies' capitalization plan continues to face regulatory delays.
The new amendment extends the expiration date to Dec. 31, from Nov. 15 and waives termination fees. The parties can nix the deal if Hanmi sells stock at less than $1.20 a share or if selling stock before closing causes Woori to own less than 40% of Hanmi. Woori agreed in May to invest up to $240 million in Hanmi.
The $3 billion-asset Hanmi said in a press release Tuesday that Woori had asked the Federal Reserve Board to suspend its application so it could give the Fed more information on Woori's U.S. unit.