BBCN Bancorp, Inc. (the “Company”) (NASDAQ: BBCN), the holding company of BBCN Bank, today announced that it has completed the acquisition of Seattle-based Pacific International Bancorp, Inc. (“Pacific International”), the holding company of Pacific International Bank (“PI Bank”). Effective February 16, 2013, all PI Bank branches and offices will operate under the banner of BBCN Bank.
“We are extremely excited to complete this merger, which positions BBCN as the dominant Korean-American bank in terms of branch offices and deposit market share in the Pacific Northwest,” said Bonita I. Lee, Acting President and Chief Operating Officer of BBCN. “We look forward to building on PI Bank’s strong heritage as the first Korean-American bank in the Seattle area. With leadership in international trade finance, unparalleled lending capacity amongst our peers and strong financial condition, BBCN is well positioned to capitalize on what we believe will be increasing business opportunities in the Pacific Northwest in the years to come.”
With the merger now completed, BBCN has $5.8 billion in total assets, $4.5 billion in deposits and 44 branches in Southern California, Northern California, New York, New Jersey, Washington and Illinois.
Pursuant to the merger agreement, Pacific International stockholders are entitled to receive 0.14121 shares of BBCN common stock for each share of Pacific International common stock that they owned as of the close of business February 15, 2013. Stockholders of Pacific International who are in possession of Pacific International Bancorp common stock certificates will receive instructions, by mail, on how to exchange those shares for BBCN common stock. Stockholders of Pacific International who hold their shares in brokerage accounts will not need to take any action to receive BBCN common stock through their accounts, based upon the above-mentioned exchange ratio, for their Pacific International common stock.
As previously announced, BBCN will retire Pacific International’s $6.5 million in Series A Preferred Stock issued under the U.S. Treasury’s TARP Capital Purchase Program, effective as of the merger closing.