This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BBCN Bancorp Announces Acquisition Of Pacific International Bancorp

BBCN Bancorp, Inc. (NASDAQ: BBCN), based in Los Angeles, and Pacific International Bancorp, Inc. (OTCBB: PIBW), based in Seattle, today jointly announced the signing of a definitive agreement under which Pacific International Bancorp will merge with BBCN.

Pacific International has total assets of approximately $200 million, and its primary subsidiary, Pacific International Bank, a state-chartered bank, has four bank locations in the Seattle metropolitan area. Upon completion of the transaction, which is expected to close during first quarter 2013, BBCN will have six branches in the Seattle area.

Under the terms of the merger agreement, the stock-for-stock transaction is valued at approximately $8.2 million, valuing each outstanding share of Pacific International common stock at $1.75. As part of the transaction, Pacific International’s $6.5 million in Series A Preferred Stock issued under the U.S. Treasury’s TARP Capital Purchase Program will be retired.

“This transaction will position BBCN as a major player in the Pacific Northwest Korean American community,” said Alvin D. Kang, President and Chief Executive Officer of BBCN Bancorp. “With this transaction, BBCN will be the market leader in Southern California, Northern California, New York and the Seattle metropolitan area. We expect to have a smooth and seamless integration, which will quickly position us to achieve the benefits of this merger for our customers, our employees and our shareholders.”

“Given BBCN’s strong financial position, supported by a steady stream of core earnings and deep leadership bench, BBCN was our top choice for a partner,” said Paul G. Sabado, President and Chief Executive Officer of Pacific International. “This transaction will enhance our resources, operational scale and banking expertise, thereby increasing our ability to serve our customers in what continues to be a challenging regulatory and economic environment. Both of our organizations have served the Seattle area for more than 10 years, and we look forward to providing our expanded customer base with increased accessibility and continuing our heritage of providing excellent customer service.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs