Hanmi Bank to close branch in Koreatown Plaza after 40 years of operation to improve efficiency

Hanmi Bank is closing its Koreatown Plaza (KTP) branch after more than 40 years.

The bank recently sent a letter to its customers informing them that the KTP branch at 928 S. Western Avenue will close on January 17, 2025.

All accounts at the branch will be transferred to the Vermont branch at 933 S Vermont Avenue, the bank added.

As a result of the closure, customers with Safe Deposit Boxes at the KTP branch will have until December 13 to empty their boxes. The boxes can be transferred to Hanmi Bank’s Vermont branch.

The bank’s decision to close the branch was reportedly made to reduce expenses and improve efficiency. Hanmi Bank previously closed its downtown LA Fashion District branch in May.

The closure will bring the bank’s total number of branches down to 31. The bank emphasized that it does not expect customers to be inconvenienced by the move, as it already has two branches in Koreatown on Olympic Boulevard and Vermont Avenue, adding that there will be no change in the services it offers.

BY WONHEE CHO, HOONSIK WOO [cho.wonhee@koreadaily.com]