Korean-American Insurance Brokerages Acquired

Hanmi Bank, the largest Korean bank in Los Angeles, is buying two insurance brokerages in Garden Grove.

The unit of Los Angeles-based Hanmi Financial Co. is buying Chun Ha Insurance Services Inc. and All World Insurance Services Inc. for undisclosed terms.

The deal is expected to close Jan. 2.

Having both companies under its belt makes Hanmi one of the largest Korean-American insurance brokerages in the country, according to an Associated Press report.

The deal is designed to expand Hanmi's business with the county's 60,000 Koreans.

Garden Grove counts the third largest number of Koreans here at about 7,000, second to Fullerton and Irvine, according to the Census and the Korean American Coalition.

The acquisitions should allow Hanmi to offer insurance along with loans and other banking services.

The brokerages offer life, commercial, auto, health, property and casualty policies.

Both were founded in 1989 by Ki Hong Park, who's set to continue as chief executive.

Hanmi Bank was founded as a single branch in downtown L.A. in 1982 and counts assets of $3.7 billion as of Sept. 30.

Hanmi has 22 branches in California,two are in Garden Grove and one is in Irvine.