Bracewell & Giuliani LLP represented Central Bancorp, Inc. (CBI), the parent company of United Central Bank (UCB), in its sale to Hanmi Financial Corporation, the holding company for Hanmi Bank. As part of the acquisition, Hanmi Financial Corporation paid $50,000,000 in cash to the shareholders of CBI and also assumed all of CBI’s liabilities.
Following the acquisition on August 31, 2014, Hanmi Bank became the second-largest Korean American Bank in the United States with 50 banking offices and three loan production offices serving communities across California, Illinois, New Jersey, New York, Texas, Virginia, and Washington. The combined entity has approximately $4.4 billion in assets, $2.8 billion in gross loans and $3.7 billion in deposits.
UCB and CBI were represented by Bracewell & Giuliani LLP and Sandler O’Neill + Partners, L.P.
Bracewell attorneys involved in this transaction include:
Partners: Sanford M. Brown, Justin M. Long, Scott C. Sanders
Counsel: Alexander W. Jones
Associate: Patrick R. Hanchey