Hanmi Financial Corp. in Los Angeles announced late Thursday that Sung Won Sohn is resigning as its president and chief executive.
Mr. Sohn, who has spent three years with Hanmi Financial, also will step down as the president and CEO of its Hanmi Bank and resign from the boards of both the holding company and the bank on Monday.
Hanmi Financial also announced that Chung Hoon Youk, who is scheduled to become the chief credit officer Jan. 2, would serve as the interim president and CEO of the bank and the holding company while the board searches for a successor.
Mr. Sohn joined Hanmi, the nation's largest banking company serving Korean-Americans, from Wells Fargo & Co., where he had been the chief economist. Under Mr. Sohn, Hanmi's assets increased nearly 30%, to $4 billion, and the company added two branches and six loan production offices.
But like many other banking companies, Hanmi has struggled with credit quality of late, and its shares have been punished as a result.
Between Sept. 30, 2006 and Sept. 30, 2007, nonperforming assets more than tripled, to $45 million. Hanmi's third-quarter earnings fell 28% from a year earlier, to $11.1 million.
Its shares closed at $8.75 Thursday. They have dropped more than 60% this year.
In a press release, Mr. Sohn, 62, said that he plans to teach and serve on corporate boards.
