Hana Small Business Lending, a wholly-owned subsidiary of Hana Financial, Inc., and OP Bancorp, parent company of Open Bank, announced the signing of an asset purchase agreement pursuant to which OP Bancorp will acquire HSBL’s SBA portfolio.

HSBL is a fully integrated national SBA origination and servicing platform. Its team has originated nearly $1 billion of SBA loans since its inception and has consistently produced strong results. The transaction includes the sale of approximately $105 million of SBA 7(a) loans as well as servicing rights relating to a pool of $295 million in loans. The transaction is subject to the satisfactory completion of certain due diligence requirements, purchase price adjustments at closing, and governmental and regulatory approvals.

“The sale of the SBA portfolio is a part of Hana Financial’s strategic plan to focus on and grow its factoring and asset based lending businesses,” said Sunnie S. Kim, President and Chief Executive Officer of Hana Financial.