Hana Financial to Sell its SBA Portfolio to OP Bancorp
Hana Small Business Lending, Inc. ("HSBL"), a wholly-owned subsidiary of Hana Financial, Inc. ("Hana Financial"), and OP Bancorp (NASDAQ:OPBK), parent company of Open Bank, announce the signing of an asset purchase agreement pursuant to which OP Bancorp will acquire HSBL's SBA portfolio.
HSBL is a fully integrated national SBA origination and servicing platform. Its team has originated nearly $1 billion of SBA loans since its inception and has consistently produced strong results. The transaction includes the sale of approximately $105 million of SBA 7(a) loans as well as servicing rights relating to a pool of $295 million in loans. The transaction is subject to the satisfactory completion of certain due diligence requirements, purchase price adjustments at closing, and governmental and regulatory approvals.
"The sale of the SBA portfolio is a part of Hana Financial's strategic plan to focus on and grow its factoring and asset based lending businesses," said Sunnie S. Kim, President and Chief Executive Officer of Hana Financial.
About Hana Financial, Inc.
Founded in 1994 by Sunnie S. Kim, Hana Financial, Inc. is a Los Angeles based non-bank financial services firm specializing in factoring, asset based lending and SBA lending. Since its inception, Hana Financial has generated over $26 billion in factoring and loan originations. For more information, please visit www.hanafinancial.com or call 213.240.1234.
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