As the president and CEO of Hanmi Financial Corp. in Los Angeles, California, Bonnie Lee is one of just 11 female CEOs of publicly traded financial institutions.
Since becoming CEO in 2019, she has grown Hanmi's total assets from $5.5 billion to $7.6 billion, an increase of 36%. She did this, she said, by strengthening the bank's balance sheet; diversifying its loan portfolio, which was concentrated in commercial real estate when she took the helm; expanding its products and services; and closing some branches and opening others, especially as the bank expanded into Texas, Illinois, and the eastern U.S.
Under Lee's leadership, Hanmi has also expanded its Corporate Korea initiative, which provides banking services and support to South Korean-based companies with operations in the U.S.
In 2023, the bank enjoyed loan growth of 3.6%. Deposits grew by 1.8%, with noninterest-bearing deposits at 32% of total deposits. Lee said that Hanmi has focused on high-quality lending, disciplined underwriting and careful credit administration. She added that the bank has strong core deposits, healthy loan pipelines, a good-quality loan portfolio and a strong capital position. It serves multiethnic communities through a network of 35 branches and seven loan-production offices across nine states.
Lee grew up in Chicago as the child of Korean immigrants, and the family moved to southern California shortly after Lee graduated from college. Her first banking job was in a management training program at California Center Bank, where her initial assignment was to become a loan officer.
"In the early 1990s, particularly in the Korean community, small businesses were growing and there was a need for loans," Lee said. "It was hard for them to get business loans from mainstream banks at the time." As young as she was, Lee found it rewarding to help the Korean American business community by writing loans. "I could make a difference, and the customers grew with the bank," she added.
After 20 years in various credit and business roles at Nara Bank, Lee joined Hanmi in 2013 as chief operations officer, where she led business generation. She became CEO in 2019 when her predecessor retired.
In the past year's challenging banking environment, Lee said that Hanmi has focused on managing asset quality. "We look at portfolios and do a deep dive to assess vulnerabilities proactively," she said. Hanmi bankers also "reach out to borrowers to see how they are doing and to say that, if there's anything we can do for them, they should please let us know. The customers appreciate that," Lee added.
The bank has also expanded into new markets with new branches in northern California and Fort Lee, New Jersey. "Small- and medium-size businesses are congregating in the Fort Lee area, and we saw an opportunity to grab a good branch location," she said.
Good branch locations need good staff, and Lee is serious about hiring talented bankers. "Our success depends on the bankers who work for us. We've been very fortunate to be viewed as an employer of choice on both the front end and back office," she said.
