HAFC » Topics » Principles of Consolidation

These excerpts taken from the HAFC 10-K filed Feb 29, 2008.
Principles of Consolidation
 
The consolidated financial statements include the accounts of Hanmi Financial Corporation (“Hanmi Financial,” “we,” “us” or “our”) and our wholly owned subsidiaries, Hanmi Bank (the “Bank”), Chun-Ha Insurance Services, Inc. (“Chun-Ha”) and All World Insurance Services, Inc. (“All World”). Intercompany transactions and balances are eliminated in consolidation.
 
Hanmi Financial was formed as a holding company of the Bank and registered with the Securities and Exchange Commission under the Securities Act of 1933 on March 17, 2001. Subsequent to its formation, each of the Bank’s shares was exchanged for one share of Hanmi Financial with an equal value. Our primary operations are related to traditional banking activities, including the acceptance of deposits and the lending and investing of money through operation of the Bank.
 
The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community as well as other communities in the multi-ethnic populations of Los Angeles County, Orange County, San Bernardino County, San Diego County, the San Francisco Bay area, and the Silicon Valley area in Santa Clara County. The Bank’s full-service offices are located in business areas where many of the businesses are run by immigrants and other minority groups. The Bank’s client base reflects the multi-ethnic composition of these communities. The Bank is a California state-chartered, FDIC-insured financial institution. As of December 31, 2007, the Bank maintained a branch network of 24 full-service branch offices in California and eight loan production offices in California, Colorado, Georgia, Illinois, Texas, Virginia and Washington.
 
Our other subsidiaries, Chun-Ha and All World, were acquired in January 2007. Founded in 1989, Chun-Ha and All World are insurance brokerages that offer a complete line of insurance products, including life, commercial, automobile, health, and property and casualty.
 
Principles
of Consolidation



 





The consolidated financial statements include the accounts of
Hanmi Financial Corporation (“Hanmi Financial,”
“we,” “us” or “our”) and our
wholly owned subsidiaries, Hanmi Bank (the “Bank”),
Chun-Ha Insurance Services, Inc. (“Chun-Ha”) and All
World Insurance Services, Inc. (“All World”).
Intercompany transactions and balances are eliminated in
consolidation.


 





Hanmi Financial was formed as a holding company of the Bank and
registered with the Securities and Exchange Commission under the
Securities Act of 1933 on March 17, 2001. Subsequent to its
formation, each of the Bank’s shares was exchanged for one
share of Hanmi Financial with an equal value. Our primary
operations are related to traditional banking activities,
including the acceptance of deposits and the lending and
investing of money through operation of the Bank.


 





The Bank is a community bank conducting general business
banking, with its primary market encompassing the
Korean-American
community as well as other communities in the multi-ethnic
populations of Los Angeles County, Orange County,
San Bernardino County, San Diego County, the
San Francisco Bay area, and the Silicon Valley area in
Santa Clara County. The Bank’s full-service offices
are located in business areas where many of the businesses are
run by immigrants and other minority groups. The Bank’s
client base reflects the multi-ethnic composition of these
communities. The Bank is a California state-chartered,
FDIC-insured financial institution. As of December 31,
2007, the Bank maintained a branch network of 24 full-service
branch offices in California and eight loan production offices
in California, Colorado, Georgia, Illinois, Texas, Virginia and
Washington.


 





Our other subsidiaries, Chun-Ha and All World, were acquired in
January 2007. Founded in 1989, Chun-Ha and All World are
insurance brokerages that offer a complete line of insurance
products, including life, commercial, automobile, health, and
property and casualty.


 




This excerpt taken from the HAFC 10-K filed Mar 1, 2007.
Principles of Consolidation
 
The consolidated financial statements include the accounts of Hanmi Financial Corporation (“Hanmi Financial,” “we” or “us”) and our wholly owned subsidiary, Hanmi Bank (the “Bank”), after elimination of all material intercompany transactions and balances.
 
Hanmi Financial was formed as a holding company of the Bank and registered with the Securities and Exchange Commission under the Securities Act of 1933 on March 17, 2001. Subsequent to its formation, each of the Bank’s shares was exchanged for one share of Hanmi Financial with an equal value.
 
Our primary operations are related to traditional banking activities, including the acceptance of deposits and the lending and investing of money through operation of the Bank. The Bank is a community bank conducting general business banking with its primary market encompassing the multi-ethnic population of Los Angeles, Orange, San Diego, San Francisco and Santa Clara counties. The Bank’s full-service offices are located in business areas where many of the businesses are run by immigrants and other minority groups. The Bank’s client base reflects the multi-ethnic composition of these communities. The Bank is a California state-chartered, FDIC-insured financial institution.
 
On April 30, 2004, we completed our acquisition of Pacific Union Bank (“PUB”), a $1.2 billion (assets) commercial bank headquartered in Los Angeles that also served primarily the Korean-American community. As of December 31, 2006, the Bank maintained a branch network of 22 locations, serving individuals and small- to medium-sized businesses in Los Angeles and surrounding areas.
 
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