Bank of Hope and Hanmi Bank are closing branches for operation efficiency

Bank of Hope and Hanmi Bank are undergoing branch consolidations.

On March 1, Bank of Hope closed three Southern California branches, Wilshire/Manhattan, Maple, and Huntington Park, along with its Glenview branch in Chicago, Illinois. The Oakland, Northern California, and Dallas-Fort Worth, Texas branches are set to close on March 29. Following these closures, Bank of Hope will have 48 branches, down from 54.

Hanmi Bank will also consolidate its operations, maintaining only its LA Fashion District and Houston/Spring, TX, and Plano, TX branches through the end of May. By June, the total number of branches will be reduced from 35 to 32.

Both banks have cited these closures as measures to enhance operational efficiency and reduce costs. They have assured minimal layoffs, stating that employees from the affected branches will be integrated into neighboring branches.

According to officials from one of the banks, the targeted branches for closure are situated closely to other branches within the same neighborhood, resulting in operational inefficiencies. They emphasized that the branch closures are primarily aimed at improving management efficiency rather than solely cutting costs.

BY JAESUN SUH, HOONSIK WOO    [suh.jaesun@koreadaily.com]