Hanmi Financial Corp. in Los Angeles said Tuesday that it plans to raise $70 million in capital.

Hanmi said it is planning to sell 87.5 million common stock shares at 80 cents a share. The $2.7 billion-asset company said in a press release that it intends to use a "substantial portion" of the funds to provide capital to Hanmi Bank and to support "organic growth and future acquisition-driven growth." Additionally, Hanmi said it could use some of the proceeds as working capital, among other uses.

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