Saehan Bancorp on Tuesday said that its shareholders had approved a merger with Wilshire Bancorp.
The parent of Saehan Bank said more than 99 percent of shares at Saehan's special meeting voted in favor of the merger with the parent of Wilshire Bank. The banks expect the stock-and-cash deal, valued at more than $105 million, to close by Nov. 20.
Wilshire announced in July that it had agreed to buy Saehan, a competing Koreatown bank that had been seeking a cash infusion or other strategic partnerships since the recession. The combined company will have approximately $3.5 billion in assets.