The announcement Monday morning that BBCN Bancorp, which primarily caters to the Korean-American community, plans to acquire its rival Wilshire Bancorp in a deal valued at about $1 billion is not sitting well with Hanmi Financial, the Los Angeles Times reports.

Executives at Hanmi, which had proposed its own merger with BBCN a couple of weeks ago, call the move “disappointing” and are referring to the offer as “inferior.”

Hanmi had proposed to merge with BBCN Bancorp in an all-stock deal valued at around $1.6 billion.