BBCN Bancorp, Inc. (BBCN), the holding company of BBCN Bank, Friday said completed the acquisition of Pacific International Bancorp, Inc., the Seattle-based holding company of Pacific International Bank. The company added that all PI Bank branches and offices shall hereby operate under the banner of the BBCN Bank.
BBCN in a statement said that stockholders of Pacific International will receive 0.14121 shares of BBCN common stock for each PI share held on February 15, 2013.
Bonita Lee, Acting President and Chief Operating Officer of BBCN commented, "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 and look forward to building on PI Bank's strong heritage as the first Korean-American bank in the Seattle area.
Further, echoing a previous announcement, BBCN said it will retire Pacific International's $6.5 million in Series A Preferred Stock.
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