A regulator has lifted a memorandum of understanding against Hanmi Bank after the Los Angeles institution's condition improved.
The California Department of Financial Institutions lifted the May order against Hanmi, a unit of the $2.8 billion-asset Hanmi Financial (HAFC), earlier this week.
The company's third-quarter earnings more than tripled from a year earlier, to $13.3 million, Hanmi reported last month. The company did not record a loan-loss provision during the third quarter and its nonperforming assets fell 48% from a year earlier, to $49.5 million.
"We are pleased to report the termination of the MOU, which marks an important step for Hanmi and demonstrates the strengthening of our financial condition," Jay Yoo, the company's president and chief executive, said in a press release. "We believe that the lifting of the requirements by the [state regulator] positions us well for future growth and demonstrates our continuing financial stability."
Hanmi also said Friday that Lonny Robinson, its chief financial officer, would step down on Nov. 13 to "pursue another professional opportunity." Shick Yoon, the company's chief strategy officer, will become interim CFO, though Hanmi plans to name a permanent replacement.
Yoon joined Hanmi in 2008 and was has been the company's deputy chief financial officer, treasurer and senior planning officer.