BBCN to Buy Seattle BankOriginally published October 23, 2012 at 3:01 p.m., updated October 23, 2012 at noon
The nation’s largest Korean-American bank is getting even bigger.
BBCN Bancorp Inc., the Koreatown parent of BBCN Bank, announced late Monday that it will acquire Pacific International Bancorp Inc., a small bank holding company in Seattle.
The all-stock transaction, valued at $8.2 million, will increase BBCN’s Seattle-area branches from two to six. Pacific International has assets of about $200 million.
“This transaction will position BBCN as a major player in the Pacific Northwest Korean-American community,” said Alvin Kang, BBCN’s chief executive, in a statement.
The bank expects the deal to close in the first quarter.
BBCN, which was formed last year through the merger of Nara Bank and Center Bank, is the largest Korean-American bank in the country, with assets of about $5.3 billion and 40 branches across the country.
Shares closed down 40 cents, or 3 percent, to $12.10 on the Nasdaq.