BBCN Bancorp, which primarily caters to the Korean-American community, announced Monday morning it plans to buy its rival Wilshire Bancorp in a deal valued at around $1 billion, Reuters reports. The move comes just a couple of weeks after Hanmi Financial proposed to merge with BBCN for about $1.6 billion. A BBCN-Wilshire combination would create L.A.’s fifth-biggest bank.

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