Los Angeles Business Journal

Shareholders of Texas Bank Approve Hanmi Merger

By Deborah Crowe Thursday, April 17, 2014

Hanmi Financial Corp. on Thursday said that shareholders of Central Bancorp Inc. have approved a merger with Hanmi.

The Koreatown holding company for Hanmi Bank said the deal with the parent of United Central Bank in Garland, Texas, is expected to close in the second half of this year. Central Bancorp stockholders will receive $50 million in cash.

Central Bancorp had about $1.42 billion in assets and 23 branches in six states at the end of 2013.

Hanmi shares closed up 69 cents, or 3 percent, to $22.65 on the Nasdaq.