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.
At June 30, Hanmi's Tier 1 risk-based capital ratio was 12.72% and its total risk-based capital ratio was 14.02%.
Hanmi's offering includes an overallotment option for 13 million shares. The company expects to issue the stock on Friday.
The company announced the offering in June, soon after it was revealed that a planned capital-raising agreement with Woori Finance Holdings Co. was terminated. Hanmi later said that it would sell a 4.9% stake in itself to Woori's investment unit.