Hanmi bank

Only a few banks can serve different communities of different countries and Hanmi Bank is one of them. This bank is successfully serving the Korean-American community. It’s a journey of 25 years.

Because of their organizational structure, they’ve come with both English and Korean versions. Even they have a variety of options for the banking product that starts from checking and ends with savings.

From the money market, lending and business activities, lots of people prefer this bank. It’s not only convenient but has recognition from different organizations like the FDIC. Here is more information you can find.

What Is Hanmi Bank?

Hanmi Bank is a newbie in the banking sector. But their age doesn’t reflect their dedication to the client and banking services. It started in 1982 and is headquartered in Los Angeles, California.

In their financial report, it’s shown that they own $5 billion assets and $4 billion deposits. Because of the traditional banking service, clients are free to get access to service representatives all the time.

It also offers web and mobile applications. Users of their mobile apps rate this app 4.1 out of 5. That means it’s good enough to give a client freedom to manage an account.

Hanmi Bank
Picture: Hanmi Bank

Overall Status of Hanmi Bank:

Without knowing their actual financial status it’s hard to find how good or bad this bank could be. Here are their asset and liabilities details.

ParticularsQ1 2021Q1 2020
Assets$6,44 B$5.62 B
Loans$4.76 B$4.48 B
Deposits$5.52 B$4.60 B
Equity Capital$688.4 MM$650.1 MM
Loan Loss Allowances$88.4 MM$66.5 MM
Unbacked Noncurrent Loans$42.1 MM$40.9 MM
Real Estate Owned$1.5 MM$63.00 K
Branch of Hanmi Bank
Picture: Branch of Hanmi Bank

What Are The Product Types?

As you know, the best bank comes with different types of financial products for their client. Let’s see what types of products this Bank offers.

Personal Banking

  • Checking
  • Money Market & Savings
  • Certificate of Deposit
  • Personal Debit Card

Business Banking

  • Checking
  • Money Market & Savings
  • Certificate of Deposit
  • Business Debit Card
  • Treasury Management
  • Korea Desk

Loans

Personal Loans:

  • Home Loan

Business Loans:

  • Commercial Lending
  • SBA Lending
  • Healthcare Lending
  • Equipment Leasing
  • Trade Finance
  • Entertainment Lending

What Are The Pros & Cons of Hanmi Bank?

It doesn’t matter how good a bank is if you find disadvantages. This bank also has some pros and cons and here it is.

Pros:

  • Low fees
  • Wide Variety of Accounts

Cons:

  • A limited number of branches
  • Less competitive rates

Is Hanmi Bank FDIC Insured or Not?

As you know, this bank was founded on December 15, 1982. But the sad news is this bank is not an active FDIC-insured bank. We found that this Bank has an FDIC insurance membership with DIF. DIF refers to the Deposit Insurance Fund. This one is regulated by the (FRB) Federal Reserve Board. So, this Bank is assigned under the San Francisco Federal Deposit Insurance Corporation (FDIC). Here are more details of Hanmi Bank

Bank NameHanmi Bank
Address3660 Wilshire Boulevard, Shuit A, Los Angeles, CA 90010
CountyLos Angeles
Bank’s StateCalifornia
Websitehttp://www.hanmi.com:80/
FDIC certificate ID24170
Bank Institution NameHanmi Bank
Is the Bank Active?Inactive
Office of Thrift Supervision Docket IDNot an OTS member
RegulatorFederal Reserve Board (FRB)
Bank Charter ClassSM – Commercial Bank, Bank is supervised by the Federal Reserve Board (FRB), State Charter, and Fed member
FDIC Bank’s Chartering AgencyState
Bank is FDIC InsuredNo, FDIC insured bank is not a member of the Bank Insurance Fund
Date of Deposit InsuranceDecember 15, 1982
Change Code DescriptionNot FDIC Insured Bank Changes
OCC Bank CharterNo FDIC Bank Charter Number
ConservatorshipFDIC insured bank is not being operated by government conservatorship

What Is The Popular Product Rate of This Bank?

Hanmi Bank has a variety of products but only a few of them got the most attention of the people. We decided to give you some details about the rate of all these popular products of this bank.

Savings and Money Market Rates:

ParticularsAPYMINMAX
Savings0.10%$2,500$4,999
Money Market0.05%$2,500$2,999
Money Market0.10%$10,000$14,999
Money Market0.10%$25,000$29,999

CD Rates:

ParticularsAPYMINMAX
6 Mo CD0.25%$10,000$14,999
6 Mo CD0.35%$100,000$199,999
12 Mo CD0.50%$10,000$14,999
12 Mo CD0.65%$100,000$199,999
18 Mo CD0.50%$10,000$14,999
18 Mo CD0.65%$100,000$199,999
24 Mo CD0.50%$10,000$14,999
24 Mo CD0.65%$100,000$199,999
30 Mo CD0.50%$10,000$14,999
30 Mo CD0.65%$100,000$199,999
36 Mo CD0.55%$10,000$14,999
36 Mo CD0.60%$100,000$199,999
48 Mo CD0.55%$10,000$14,999
48 Mo CD0.60%$100,000$199,999
60 Mo CD0.55%$10,000$14,999
60 Mo CD0.60%$100,000$199,999

Int. Checking Rates:

ParticularsAPYMINMAX
Int Ckg0.05%$2,500$3,499
National Average vs. Hanmi
Picture: National Average vs. Hanmi

What About Service Quality?

Only a few banks have the dedication to offer quality service to their clients. Hanmi Bank does its best for this purpose. It has a total of 41 barnacles in California, Illinois, New York, New Jersey, Virginia, and Texas.

To reach their clients easily, they introduced mobile applications and web applications. So for on-the-go banking service, this bank could be the option only for its mobile application.

Maybe it does not have all-day customer service, but clients can access and can communicate with customer service officers through this app.

Picture: The mobile app gives freedom to control account
Picture: The mobile app gives freedom to control account

Conclusion:

Finally, we found a bank that not only secured our money but also offered the best service. In many ways, this bank draws everyone’s attention in a short time. When you need a great bank with a flexible financial product, then Hanmi Bank is the solution.

It gives the client full freedom to control the account in every possible way. This bank is full of packages that are contemporary for everyone. All these products can fulfill our financial needs easily.

Most importantly, this bank has recognition from different organizations that can certify a bank for its service in the banking sector.

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