BBCN Bancorp (BBCN) has purchased Seattle-based Pacific International Bancorp, the holding company of Pacific International Bank (PI Bank), for an undisclosed sum.
According to the transaction, which is effective from 16 February, all PI Bank branches and offices will operate under the brand name of BBCN Bank.
Following completion of the merger, the integrated entity BBCN Bank has become a Korean-American Bank in the Pacific Northwest in terms of branch offices and deposit market share, claims the acquirer.
BBCN now owns $5.8bn in total assets, $4.5bn in deposits and 44 branches in Southern California, Northern California, New York, New Jersey, Washington and Illinois.
Based on the agreement, Pacific International stockholders will receive 0.14121 shares of BBCN common stock for each share of PI common stock they own.
The law firm of Mayer Brown offered legal advice, while Raymond James provided fairness opinion to BCN. Pacific International was advised on the deal by the investment banking firm of Keefe, Bruyette & Woods and the law firm of Graham & Dunn.
Headquartered in Los Angeles, BBCN caters core business banking products for small and medium-sized businesses, prominently in commercial real estate and business lending, as well as SBA lending and international trade financing.