Koreatown-based Hanmi Financial Corp., parent of Hanmi Bank, announced the retirement of Joseph Rho, its chairman of the board of directors, effective when his term expires at the annual meeting of stockholders in May 2019.

Last week, Hanmi named its chief operating officer, Bonita Lee, as its new president and chief executive officer effective May 3.

Lee, who also will become a board member effective immediately, succeeds C.G. Kum as CEO. Kum is retiring from Hanmi, as previously announced.

In recent months, Hanmi has closed a handful of branches and slowed down its commercial lending.

Rho agreed to continue advising the board as chairman emeritus, serving as a resource to the board for business development and strategic matters. The new chairman will be appointed at the company’s organizational meeting following the annual meeting.

Rho has served as a director of Hanmi Bank since 1984. He served as chairman of the boards of Hanmi Financial and Hanmi Bank since 2007 and previously from 1999 to 2002.

The $5.5 billion-in-asset Hanmi has a network of 35 branches and nine loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia.

Finance reporter Pat Maio can be reached at [email protected] or (323) 556-8329.