Hanmi Financial in Los Angeles is planning to close four branches.
The $4.1 billion-asset company said in a press release Friday that it will close three branches in Illinois - located in Harvey, Naperville and Roselle - and a location in Springfield, Va. Hanmi expects to close the branches at the end of August.
Hanmi said it will incur $900,000 in charges tied to the closures, which should save the company about $2.7 million annually. The company will still have branches in Illinois and Virginia.
"We have made good progress in our ongoing expense reduction initiatives thus far in 2015," C. G. Kum, Hanmi's president and chief executive, said in the release. "The closure and consolidation of these branches furthers our efforts to improve profitability and enhance efficiencies going forward."