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                                                                    Exhibit 10.1

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into as of July 3, 2003
by and between HANMI FINANCIAL CORPORATION, a Delaware corporation and HANMI
BANK, a California banking corporation, located at 3660 Wilshire Blvd., PH-A,
Los Angeles, CA 90010 (collectively referred to as the "Company") on one hand
and JAE WHAN YOO, an individual ("Employee") on the other hand.

                                   WITNESSETH:

      WHEREAS, the Company desires to retain the services of Employee as
President and Chief Executive Officer and Employee desires to render services to
the Company as President and Chief Executive Officer;

      WHEREAS, the Company and Employee desire to set forth in this Agreement
the terms and conditions of Employee's employment with the Company;

NOW, THEREFORE, in consideration of the mutual promises and covenants herein
contained, the parties agree as follows:

1.    Term. Company agrees to employ Employee and Employee agrees to serve
      Company as President and Chief Executive Officer, in accordance with the
      terms of this Agreement, for a term of three (3) years, commencing July 1,
      2003 and ending June 30, 2006, unless this Agreement is earlier terminated
      in accordance with the provisions of Paragraph 6, below.

2.    Services and Exclusivity of Services. So long as this Agreement shall
      continue in effect, Employee shall devote his full business time, energy
      and ability exclusively to the business, affairs and interests of Company
      and its subsidiaries and matters related thereto, shall use Employee's
      best efforts and abilities to promote the Company's interests, and shall
      perform the services contemplated by this Agreement in accordance with
      policies established by and under the direction of the Board of Directors
      of Company ("Board"). Employee agrees to faithfully and diligently promote
      the business, affairs and interests of Company.

      Without the prior express written authorization of the Board, Employee
      shall not, directly or indirectly, during the term of this Agreement: (a)
      render services to any other person or firm for compensation or (b) engage
      in any activity competitive with or adverse to the Company's business,
      whether alone, as a partner, or as an officer, director, employee,
      consultant or significant investor of or in any other entity. (An
      investment of greater than 1% of the outstanding capital or equity
      securities of an entity shall be deemed significant for these purposes.)

3.    Specific Position; Duties and Responsibilities. The Company and Employee
      agree that, subject to the provisions of this Agreement, the Company will
      employ Employee and Employee will serve Company as the President and Chief
      Executive Officer of Company for the duration of this Agreement. Employee
      agrees to observe and comply with the rules and regulations of Company
      respecting the performance of Employee's duties and agrees to carry out
      and perform orders, directions and policies of Company and its Board as
      they may be, from time to time, stated either orally or in writing.
      Employee shall have such corporate power and authority as shall reasonably
      be required to enable the discharge of duties as President and Chief
      Executive Officer of Company.

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      For the term of this Agreement, Employee shall report to the Board.

4.    Compensation.

      a)    Base and Incentive Compensation

            During the term of this Agreement, beginning July 1, 2003, Company
            agrees to pay Employee a base salary (the "Base Salary") at the
            annual rate of $250,000.00, less withholdings. If employed in the
            second and third years under this Agreement, Company will provide
            Employee with a cost-of-living increase in an amount not to exceed
            five (5%) percent of Employee's previous year's base salary in each
            of the second and third years of employment. Employee shall not be
            entitled to or receive a director's fee for his services on the
            Board during the term of his employment at Company.

      b)    Bonus

            Employee and the Company agree that they will continue to negotiate
            with regard to a bonus plan and stock option plan for Employee. Both
            parties agree to negotiate in good faith with regard to these two
            issues in an effort to reach a mutually agreeable resolution. If the
            parties are not able to reach a mutually agreeable resolution
            regarding Employee's bonuses and stock options within 60 days from
            the date of this Agreement, the entirety of this Agreement is
            voidable at the will of either party. If either party exercises his
            or its right to void this Agreement pursuant to this paragraph, then
            the other party shall have no further obligations to the party
            voiding the Agreement from that date forward.

      c)    Stock Options

            Employee and the Company agree that they will continue to negotiate
            with regard to a bonus plan and stock option plan for Employee. Both
            parties agree to negotiate in good faith with regard to these two
            issues in an effort to reach a mutually agreeable resolution. If the
            parties are not able to reach a mutually agreeable resolution
            regarding Employee's bonuses and stock options within 60 days from
            the date of this Agreement, the entirety of this Agreement is
            voidable at the will of either party. If either party exercises his
            or its right to void this Agreement pursuant to this paragraph, then
            the other party shall have no further obligations to the party
            voiding the Agreement from that date forward.

5.    Perquisites

      a)    Automobile Allowance and Insurance

            Company will provide Employee with a suitable automobile for his use
            in the performance of his duties and shall pay all reasonable costs
            and expenses of maintaining and operating said automobile, including
            automobile liability insurance. Upon the termination of Employee's
            employment with Company, Employee shall return the automobile in
            good working condition, less normal wear and tear for reasonable
            usage of the automobile.

      b)    Vacation

            Employee shall accrue 15 days of paid vacation annually. Employee
            shall take at least two consecutive weeks vacation during each year
            of his employment by the Company. Employee

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            shall accrue a maximum of 22 & 1/2 days of vacation. Once Employee
            accrues 22 & 1/2 days of vacation, Employee shall cease accruing any
            additional vacation until Employee's vacation accrual falls below 22
            & 1/2 days.

      c)    Insurance Benefits

            Company shall provide Employee and Employee's spouse and dependent
            children, where applicable, at Company's expense, participation in
            accident and health insurance at no cost to Employee, and term life
            insurance benefits for Employee to the maximum benefits available
            under Company's Group Insurance program, except that term life
            insurance shall not be in excess of $150,000 for Employee.

      d)    Professional Society Membership

            Company agrees to reimburse Employee for professional society
            memberships which are related to and enhance Employee's employment
            at the Company during Employee's employment at Company.

      e)    Continuing Education

            Company agrees to reimburse Employee for continuing education which
            are related to and enhance Employee's employment at Company during
            Employee's employment at Company.

      f)    Country Club Membership

            Company agrees to reimburse Employee for reasonable initiation fees
            and monthly dues related to a country club membership during
            Employee's employment at Company. The country club must be located
            in Los Angeles County or Orange County.

6.    Termination. The compensation and other benefits and perquisites provided
      to Employee pursuant to this Agreement, and the employment of Employee by
      the Company, shall be terminated prior to expiration of the term of this
      Agreement as provided in this Section:

      a)    Disability. In the event that Employee shall fail, because of
            illness, incapacity or injury which is determined to be total and
            permanent by a physician selected by the Company or its insurers and
            acceptable to Employee or Employee's legal representative (such
            agreement as to acceptability not to be withheld unreasonably) to
            render for three consecutive months or shorter periods aggregating
            60 or more business days in any twelve (12)-month period, the
            services contemplated by this Agreement, Employee's employment
            hereunder may be terminated, as allowed by law.

      b)    Death. In the event of Employee's death during the term of this
            Agreement, Employee's Base Salary and any other right or benefit
            shall terminate.

      c)    Action by Supervisory Authority. If Company is ordered to remove,
            suspend, or take any other action against Employee (by an order
            issued under Section 8(e)(4) or (g)(1) of the Federal Deposit
            Insurance Act [12 U.S.C. 1818(e)(3) or (e)(4) or (g)(1)]), or
            Company is closed or in default (as defined in Section 3(x)(1) of
            the Federal Deposit Insurance Act [12 U.S.C. 1813(x)(1)]) or Company
            is taken over by the California State Department of Financial
            Institutions, the Federal Reserve, or the Federal Deposit Insurance
            Corporation, Company may immediately terminate this Agreement
            without further liability, compensation or

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            obligation to Employee, except that Employee shall be entitled to
            his rights, if any, under Paragraph 4(c) hereof and the Stock Option
            Plan referred to therein.

      d)    For Cause

            Employee's employment hereunder shall be terminated and all of his
            rights to receive Base Salary, Bonus or Stock Options under
            Paragraph 4 of the Agreement or any other benefit or perquisite
            provided to Employee under this Agreement except the payment of
            accrued but unused vacation, shall terminate upon a good faith
            determination by the Board that Employee is or has been personally
            dishonest, incompetent, or is engaging or has engaged in willful or
            negligent misconduct.

      e)    Without Cause

            Notwithstanding any other provision in this Agreement to the
            contrary, the parties agree that either the Employee or the Company
            may terminate this Agreement, including any extensions thereto,
            without cause at any time.

            i.    If Company terminates this Agreement without cause, upon such
                  termination and upon Employee's execution of a general release
                  agreement, the Company shall pay Employee his Base Salary,
                  excluding any bonuses, for a period of six (6) months or for
                  the remaining duration of the term of this Agreement,
                  whichever is lesser. In no event will Employee be entitled to
                  more than six months of his base salary upon termination.
                  During this six-month period or the remainder of the term of
                  the Agreement, whichever is less, Employee shall not be
                  entitled to any other benefits or perquisites provided by this
                  Agreement.

            ii.   If the Company terminates this Agreement without cause,
                  Employee shall also be entitled to all of his accrued but
                  unused vacation leave at his then current daily salary rate.

            iii.  If Employee terminates this Agreement without cause,
                  Employee's base salary, bonus and all other benefits or
                  perquisites provided by this Agreement shall immediately
                  terminate on the date Employee terminates this Agreement.

7.    Business Expenses. During the term of this Agreement, to the extent that
      such expenditures satisfy the criteria under the Internal Revenue Code for
      deductibility by Company (whether or not fully deductible by the Company)
      for federal income tax purposes as ordinary and necessary business
      expenses, Company shall reimburse Employee promptly for reasonable
      business expenditures, including travel, entertainment, parking, business
      meetings, and professional dues and dues associated with maintaining club
      memberships, so long as such expenses are properly documented by Employee
      to the satisfaction of Company and Board.

8.    Miscellaneous.

      a)    Succession; Survival.

            This Agreement shall inure to the benefit of and shall be binding
            upon Company, its successors and assigns, but without the prior
            written consent of Employee this Agreement may not be assigned other
            than in connection with a merger or sale of substantially all the
            assets of Company or a similar transaction in which the successor or
            assignee assumes

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            (whether by operation of law or express assumption) all obligations
            of Company hereunder. The obligations and duties of Employee
            hereunder are personal and otherwise not assignable. Employee's
            obligations and representatives under this Agreement will survive
            the termination of Employee's employment, regardless of the manner
            of such termination.

9.    Incorporation by Reference of Employee Handbook Policies and Stock Option
      Plan. This Agreement incorporates by reference all policies of Company
      contained in its Employee Handbook. Employee has acknowledged in writing
      the receipt of a copy of the Employee Handbook and agrees to comply with
      all such policies. To the extent that the terms of the Employee Handbook
      contradict or conflict with the terms of the Agreement, the terms of this
      Agreement shall prevail. This Agreement incorporates by reference the
      Stock Option Plan.

10.   Entire Agreement: Amendments

      This Agreement, along with any documents incorporated herein by reference,
      contains the entire agreement of the parties relating to the subject
      matter hereof and it supersedes any prior agreements, undertakings,
      commitments and practices relating to Employee's employment by Company. No
      amendment or modification of the terms of this Agreement shall be valid
      unless made in writing and signed by Employee and by Company.

11.   Waiver

      No failure on the part of any party to exercise or delay in exercising any
      right hereunder shall be deemed a waiver thereof or of any other right,
      nor shall any single or partial exercise preclude any further or other
      exercise of such right or any other right.

12.   Choice of Law

      This Agreement, the legal relations between the parties and any action,
      whether contractual or non-contractual, instituted by any party with
      respect to matters arising under or growing out of or in connection with
      or in respect of this Agreement, the relationship of the parties as
      employer and employee or the subject matter hereof shall be governed by
      and construed in accordance with the laws of the State of California
      applicable to contracts made and performed in such State and without
      regard to conflicts of law doctrines, to the extent permitted by law.

13.   Attorneys' Fees

      If any dispute shall occur between Employee and the Company which arises
      out of an alleged breach of this Agreement or which seeks an
      interpretation of this Agreement, the prevailing party in any such dispute
      shall be entitled to recover all costs and expenses associated with such
      dispute, including reasonable attorneys' fees and costs.

14.   Confidentiality; Proprietary Information

      Employee agrees to not make use of, divulge or otherwise disclose,
      directly or indirectly any trade secret or other confidential or
      proprietary information concerning the business (including but not limited
      to its products, employees, services, practices or policies) of Company or
      any of its affiliates of which Employee may learn or be aware as a result
      of Employee's employment during the Term of this Agreement except to the
      extent such use or disclosure is (i) necessary to the performance of this
      Agreement and in furtherance of Company's best interests, or (ii) required
      by applicable law. The provisions of this Paragraph 14 shall survive the
      expiration, suspension or

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      termination, for any reason, of this Agreement.

15.   Trade Secrets

      Employee, prior to and during the term of employment, has had and will
      have access to and become acquainted with various trade secrets including,
      but not limited to, software, plans, formulas, patterns, devices, secret
      inventions, processes, customer lists, employee information, contracts,
      and compilations of information, records and specifications, which are
      owned by Company and regularly used in the operation of their respective
      businesses and which may give Company an opportunity to obtain an
      advantage over competitors, who do not know or use such trade secrets.
      Employee agrees and acknowledges that Employee has been granted access to
      these valuable trade secrets only by virtue of the confidential
      relationship created by Employee's employment. Employee shall not disclose
      any of the aforesaid trade secrets, directly or indirectly, or use them in
      any way, either during the term of this Agreement or at any time
      thereafter, except as required in the course of employment by Company and
      for its benefit.

      All records, files, documents, drawings, specifications, software,
      equipment, and similar items relating to the business of Company or its
      affiliates, including without limitation all records relating to customers
      (the "Documents"), whether prepared by Employee or otherwise coming into
      Employee's possession, shall remain the exclusive property of Company or
      such affiliates and shall not be removed from the premises of Company or
      its affiliates under any circumstances whatsoever without the prior
      consent of the Board. Upon termination of employment for any reason,
      Employee agrees to promptly deliver to Company all Documents in the
      possession or under the control of Employee.

16.   Inventions and Patents

      Except as may be limited by Section 2870 of the California Labor Code, all
      inventions, designs, improvements, patents, copyrights, and discoveries
      conceived by Employee during the term of this Agreement which are useful
      in or directly or indirectly related to the business of Company or to any
      experimental work carried on by Company, shall be the property of Company.
      Employee will promptly and fully disclose to Company all such inventions,
      designs, improvements, and discoveries (whether developed individually or
      with other persons) and shall take all steps necessary and reasonably
      required to assure Company's ownership thereof and to assist Company in
      protecting or defending Company's proprietary rights therein.

      Employee acknowledges hereby receipt of written notice from Company
      pursuant to Labor Code Section 2872 that this Agreement (to the extent it
      requires an assignment or offer to assign rights to any invention of
      Employee) does not apply fully to an invention which qualifies fully under
      California Labor Code Section 2870. The full text of Section 2870 is
      attached hereto as Exhibit "A."

17.   Place of Employment

      The principal place of employment and the location of Employee's principal
      office shall be in Los Angeles, California.

18.   Severability

      If any provision of this Agreement is held to be illegal, invalid or
      unenforceable under existing or

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      future laws effective during the term of this Agreement, such provisions
      shall be fully severable, the Agreement shall be construed and enforced as
      if such illegal, invalid or unenforceable provision had never comprised a
      part of this Agreement, and the remaining provisions of this Agreement
      shall remain in full force and effect and shall not be affected by the
      illegal, invalid or unenforceable provision or by its severance from this
      Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable
      provision, there shall be added automatically as part of this Agreement a
      provision as similar in terms to such illegal, invalid or unenforceable
      provision as may be possible and be legal and enforceable.

19.   Material Breach

      If Employee commits a material breach of this Agreement, all of Company's
      obligations to Employee pursuant to this Agreement shall immediately
      cease.

20.   Section Headings

      Section and other headings contained in this Agreement are for convenience
      of reference only and shall not affect in any way the meaning or
      interpretation of this Agreement.

21.   Unique Services: Specific Performance

      The parties hereto agree that the services to be rendered by Employee
      pursuant to this Agreement, and the rights and privileges granted to the
      Company pursuant to this Agreement, and the rights and privileges granted
      to Employee by virtue of his position, are of a special, unique,
      extraordinary and intellectual character, which gives them a peculiar
      value, the loss of which cannot be reasonably or adequately compensated in
      damages in any action at law, and that a breach by Employee of any of the
      terms of this Agreement will cause Company great and irreparable injury
      and damage.

      Employee and Company hereby expressly agree that either Employee or
      Company shall be entitled to the remedies of injunction, specific
      performance and other equitable relief to prevent a breach of this
      Agreement by the other. Without limiting the generality thereof, the
      parties expressly agree that Company and Employee shall be entitled to the
      equitable remedies set forth in this paragraph 20 for any violation of
      paragraphs 14, 15, 22, 23, and 24. This paragraph shall not be construed
      as a waiver of any other rights or remedies which Company or Employee may
      have for damages or otherwise.

22.   Non-Competition

      Employee agrees that for a period of one (1) year after the termination of
      Employee's employment, Employee will not, directly or indirectly, compete
      against, or in any manner be connected with or employed by any individual,
      association or other entity that is in competition with Company's business
      in Los Angeles County.

23.   Non-Solicitation

      Employee agrees that for a period of one (1) year after the termination of
      employment, Employee will not, on behalf of Employee or on behalf of any
      other individual, association or entity, call on any of the customers of
      Company for the purpose of soliciting or inducing any of such customers to
      acquire (or providing to any of such customers) any product or service
      provided by Company or a Related Company, nor will Employee in any way,
      directly or indirectly, as agent or otherwise,

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      in any other manner solicit, influence or encourage such customers to take
      away or to divert or direct their business to Employee or any other person
      or entity by or with which Employee is employed, associated, affiliated or
      otherwise related.

24.   No-Raiding of Employees

      Employee agrees that for a period of one (1) year after the termination of
      Employee's employment, Employee will not, directly or indirectly, disrupt,
      damage, impair, or interfere with Company's business by soliciting,
      influencing, encouraging or recruiting any employee of Company to work for
      Employee or any entity with which Employee is affiliated or related.

25.   Counterparts

      This Agreement and any amendment hereto may be executed in one or more
      counterparts. All of such counterparts shall constitute one and the same
      agreement and shall become effective when a copy signed by each party has
      been delivered to the other party.

26.   Representation By Counsel; Interpretation

      Company and Employee each acknowledge that each party to this Agreement
      has been represented by counsel in connection with this Agreement and the
      matters contemplated by this Agreement. Accordingly, any rule of law,
      including but not limited to Section 1654 of the California Civil Code, or
      any legal decision that would require interpretation of any claimed
      ambiguities in this Agreement against the party that drafted it has no
      application and is expressly waived. The provisions of this Agreement
      shall be interpreted in a reasonable manner to effect the intent of the
      parties.


27.   Arbitration.

      Except for any controversy or claim arising from a breach of the covenants
      in paragraphs 14, 15, 22, 23, and 24 of this Agreement, any controversy or
      claim arising out of or relating to this Agreement or the breach thereof,
      or arising out of or relating to Employee's employment or termination of
      employment shall be submitted and resolved by final and binding
      arbitration under the terms of the Federal Arbitration Act and in a manner
      consistent with the California Code of Civil Procedure (and the California
      Arbitration Act). Any arbitration shall be in accordance with and under
      the auspices and rules of the American Arbitration Association. The
      arbitrator shall be selected by mutual agreement of the parties. The
      arbitrator shall have exclusive authority to resolve any dispute relating
      to the interpretation, applicability, enforceability, or formation of this
      Agreement including but not limited to any claim that all or any part of
      this Agreement is void or voidable. The arbitration process will begin
      upon service of a written request of the complaining party served on the
      other within the appropriate statute of limitations as prescribed by law.
      Service of the written request shall be made only by certified mail, with
      a return receipt requested at the addresses listed below. The Arbitrator
      shall be neutral and shall have no authority to alter, amend, modify or
      change any of the terms of this Agreement. Upon conclusion of the
      arbitration, the arbitrator shall issue a written decision setting forth
      the reasons for his or her award. The decision of the Arbitrator shall be
      final and binding and judgment thereon may be entered in any court having
      jurisdiction thereof. Should Employee initiate an action in arbitration
      pursuant to this Paragraph, Employee shall be required to pay a fee no
      greater than what he would be required to pay to file an action in court.
      The remaining arbitration fees and costs shall be borne by the Company,
      except as allowed by law. Attorneys' fees shall be awarded to the
      prevailing party

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      pursuant to paragraph 13 of this Agreement for any and all contractual
      claims. Otherwise, each party shall bear his or its own attorneys' fees,
      unless otherwise provided for by applicable law.

      The parties intend that this arbitration procedure is mandatory and shall
      be the exclusive means of resolving all disputes between Employee and
      Company and/or Company's employees, directors, officers or managers
      involving or arising out of this Agreement, the parties' employment
      relationship and/or the termination of that relationship including, but
      not limited to any controversies or claims pertaining to wrongful
      discharge and alleged violations of the covenant of good faith and fair
      dealing, implied contracts and/or public policies or anti-discrimination
      statutes. Employee and Company expressly acknowledge and understand that,
      as a result of this agreement to arbitrate, they are giving up their right
      to trial by a jury.


IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.



DATED: July 3, 2003                     /s/ Jae Whan Yoo
                                        ---------------------------------
                                        JAE WHAN YOO




DATED: July 3, 2003                     /s/ Chang  Kyu  Park
                                        ---------------------------------
                                        HANMI FINANCIAL CORPORATION
                                        HANMI BANK
                                        By:  CHANG  KYU  PARK
                                        Its: Chairman, Board of Directors

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