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JMBM Represents Hana Financial, Inc. in Agreement to Sell Hana Small Business Lending Inc. to Patriot National Bancorp, Inc.

LOS ANGELES–Hana Financial, Inc. (Hana Financial), represented by Jeffer Mangels Butler & Mitchell LLP (JMBM), has signed a definitive agreement for the sale of Hana Small Business Lending Inc. (Hana SBL), a wholly-owned subsidiary of Hana Financial, Inc. to Patriot National Bancorp, Inc. (NASDAQ:PNBK), the parent holding company of Patriot Bank, N.A. Hana SBL is national SBA origination and servicing platform which has originated nearly $1 billion of SBA 7(a) loans since its inception.

In a Global Newswire news release, Hana Financial’s President and CEO Sunnie S. Kim said: “We are proud of the team we built and the steady results they continue to deliver. It is a highly complementary fit for the team to be integrated into Patriot’s growing operations, where they can be further supported.”

According to the news release, “The transaction includes the purchase of approximately $120 million of SBA 7(a) loans and servicing rights relating to a pool of $370 million in loans, and the assumption of two loan securitization vehicles, currently rated “AA+” (Hana SBL Loan Trust 2014) and “A-” (Hana SBL Loan Trust 2016) by Standard and Poor’s. Total cash consideration is approximately $83 million with the assumption of approximately $41 million of liabilities.”

“Hana SBL is a strong performer by all measures and both Hana Financial and Patriot will benefit from the transaction,” said Guy Maisnik, a finance lawyer at Jeffer Mangels Butler & Mitchell LLP which has represented Hana Financial since 2010. “It is always a pleasure to work with Hana Financial and Sunnie Kim and her first-rate team of finance professionals.”

Patriot became an approved SBA lender in 2017; the acquisition of Hana SBL will be complemented by Patriot’s growing SBA unit, which serves eastern U.S. markets. The group will be rebranded under Patriot’s name, and the existing team will continue to operate from its base in Los Angeles and through its offices across the United States.

The JMBM legal team which advised Hana Financial included Guy Maisnik and Jeffrey Steiner. Starfield & Smith, P.C. were also legal advisors to Hana Financial; Houlihan Lokey was its financial advisor. Patriot was advised by Blank Rome LLP; Skadden, Arps, Slate, Meagher & Flom LLP; and Evercore.

Guy Maisnik, Partner
Jeffer Mangels Butler & Mitchell LLP

About Hana Financial
Hana Financial is a non-bank direct lender offering a diversity of lending services. Hana Financial is known for its agility in catering to and resolving all business needs with attentive, engaging customer service and innovative financial solutions. For more information, visit

About JMBM
Jeffer Mangels Butler & Mitchell LLP represents companies and capital providers in a wide variety of financings, mergers, acquisitions and divestitures. The Groups’ lawyers provide start-to-finish assistance with the structuring, negotiation, documentation and closing of the deal, using the firm’s full resources for everything from intellectual property issues to tax-efficient deal structures. For more information, visit