BBCN Bancorp, Inc. (NASDAQ: BBCN) today announced that it has completed the repurchase of an outstanding warrant (the “Warrant”) held by the United States Department of the Treasury for a purchase price of $2.2 million. The Warrant was issued on November 21, 2008 by BBCN’s predecessor company, Nara Bancorp, Inc., and entitled the Treasury to purchase 521,266 shares of BBCN common stock at an exercise price of $9.64 per share.
“This action underscores our commitment to enhancing long-term shareholder value,” said Alvin D. Kang, President and Chief Executive Officer. “Following the transformative merger in late 2011, step by step, we continue to progress with positioning BBCN for enduring growth as the leading Korean American bank in the nation.”
BBCN has not reached agreement with the Treasury regarding repurchase of the outstanding Center warrant for the purchase of 337,480 shares of the Company’s common stock that was issued in connection with the merger, at an exercise price of $12.22 per share.
About BBCN Bancorp, Inc.BBCN Bancorp, Inc. is the parent company of BBCN Bank, the largest Korean American bank in the nation with $5.0 billion in assets as of June 30, 2012. The Company is a result of the merger of equals of Nara Bancorp, Inc. and Center Financial Corporation completed on November 30, 2011. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 40 branches in California, New York, New Jersey, Washington and Illinois, along with five loan production offices in Seattle, Denver, Dallas, Atlanta and Northern California. BBCN specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. BBCN Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. BBCN is an Equal Opportunity Lender.
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