BBCN to Buy Chicago BankTuesday, April 16, 2013
BBCN Bancorp is heading east with Tuesday’s announcement that it plans to acquire a Chicago-based Korean-American bank for $4.6 million
BBCN and Chicago’s Foster Bank Shares Inc. have agreed that Foster will merge into BBCN. Foster has eight branches in Chicago and one in northern Virginia. The bank had $412 million in assets as of Dec. 31.
This will be BBCN’s second acquisition since it was formed in 2011 through the merger of Nara Bank and Center Bank. Late last year, BBCN announced it would buy Seattle’s Pacific International Bancorp Inc, expanding BBCN’s presence in the Pacific Northwest.
With Foster Bank Shares, BBCN will expand its presence in Chicago – it has a single branch there now – and gain its first toehold in the Washington D.C. area.
Shares closed up 29 cents, or 2.3 percent, to $13.01 on the Nasdaq.