BBCN acquiring Pacific International
BBCN is acquiring Pacific International.
BBCN Bancorp has confirmed it is to acquire Pacific International Bancorp, following sales negotiations between the brands.
The firms have signed a definitive agreement regarding the tie-up, which is scheduled to occur during the first three months of 2013 and will see Pacific International merge with BBCN.
Pacific International has four branches in the Seattle metropolitan area, while BBCN has 40 branches in areas including Northern California, Atlanta, Dallas, Denver and Seattle.
The overall value of this stock-for-stock transaction is around $8.2 million (£5.1 million), which prices each common stock in Pacific International at $1.75.
However, the acquisition could still benefit from merger and acquisition advisors, as it is subject to a number of customary closing conditions, including regulatory and shareholder approvals.
"With this transaction, BBCN will be the market leader in southern California, northern California, New York and the Seattle metropolitan area," BBCN Bancorp president and chief executive officer Alvin Kang said.
Posted by David Gleck
Source: BBCN Bancorp press release, October 22nd