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Subsequent Events | 9 Months Ended
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Sep. 30, 2011
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 13 — SUBSEQUENT EVENTS On October 11, 2011, Mr. Brian Cho, our Executive Vice President and Chief Financial Officer, announced that he would retire from his positions as Executive Vice President and Chief Financial Officer of Hanmi and the Bank, effective October 14, 2011. In connection with his retirement, Mr. Cho and Hanmi have entered into a Separation Agreement, dated October 7, 2011 (the “Separation Agreement”). Pursuant to the Separation Agreement, among other things, Mr. Cho would receive a one-time, lump-sum cash payment of $135,000. In addition, Mr. Cho will receive a cash payment of $31,154 as payment for accrued, but unused vacation. Mr. Cho will also receive medical insurance coverage for 12 months, amounting to a value of $12,048. The Separation Agreement also provides for the immediate acceleration of 21,000 stock options and 11,000 shares of unvested restricted stock held by Mr. Cho. Concurrently with Mr. Cho’s announcement of his retirement, the Board of Directors of Hanmi announced the appointment of Mr. Lonny Robinson, age 54, to serve as the Executive Vice President and Interim Chief Financial Officer of Hanmi and the Bank. Mr. Robinson replaces Mr. Cho. On October 19, 2011, following the receipt of notices of non-disapproval from the California Department of Financial Institutions and Federal Reserve Board, the Board of Directors of Hanmi removed the “interim” designation from Mr. Robinson’s position, and Mr. Robison is currently serving as our Executive Vice President and Chief Financial Officer. Mr. Robinson received an at-will employment offer letter (the “Offer Letter”) from the Bank. Pursuant to the Offer Letter, Mr. Robinson will receive an annual starting salary of $230,000 and will be eligible to receive up to 50% of his annual salary in incentive cash compensation subject to annual approval by the Nominating and Corporate Governance and Compensation Committee of Hanmi’s Board of Directors. In addition, Mr. Robinson received, on the date of final approval by bank regulators confirming his appointment as Chief Financial Officer on October 19, 2011, a stock option grant for 50,000 shares of the Hanmi’s common stock, to vest in equal installments over a five year period, and a restricted stock grant of 20,000 shares of Hanmi’s common stock, to vest in equal installments over a five year period. Mr. Robinson will also receive an automobile allowance of $700 per month, cell phone allowance of $100 per month, business and gas cards, and 20 days of paid annual vacation. Additionally, Mr. Robinson will be eligible to participate in the Bank’s standard employee benefits, including its 401(k) Plan. Management has evaluated these subsequent events through the date of issuance of the financial data included herein, and these subsequent events are not required to be recognized in the Consolidated Financial Statements (Unaudited) as of September 30, 2011.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + Details
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