Center Financial Corp. said Wednesday that it has agreed to acquire Atlanta-based First Intercontinental Bank for $65 million in cash and stock.

The deal is a move by the Los Angeles-based holding company of Center Bank to expand into the Southeast and East coast regions, the company said in a statement.

Shareholders of First Intercontinental will get $22.27 each, which is about 85 percent premium on the $12 shares the bank wwas trading at on the Over the Counter Bulletin board.

Shares in Center Financial closed up 3.5 percent to $16.72 in trading Wednesday on the Nasdaq.