BBCN Bancorp (BBCN), Wilshire Bancorp (WIBC) Shareholders Approve Proposed Merger
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BBCN Bancorp, Inc. (Nasdaq: BBCN) and Wilshire Bancorp, Inc. (Nasdaq: WIBC) jointly announced that each company’s shareholders voted in favor of the proposed merger of equals between the two companies. Approximately 85% and 75% of the total outstanding shares of BBCN’s and Wilshire’s common stock, respectively, voted in favor of the merger.
BBCN and Wilshire also announced that the merger transaction is scheduled for completion at the close of business on July 29, 2016, subject to the satisfaction of other customary closing conditions. Following the signing of a definitive merger agreement effective December 7, 2015, the companies jointly announced on May 17, 2016 the receipt of all regulatory approvals to move forward with the merger.
As previously announced, the combined company will be named “Hope Bancorp, Inc.” upon merger completion, and its wholly owned subsidiary will operate under the new name of “Bank of Hope.” Wilshire shareholders will receive 0.7034 shares of BBCN common stock in exchange for each share of Wilshire common stock. The exchange ratio is fixed and the transaction is intended to qualify as a tax-free reorganization for Wilshire shareholders. On an unaudited pro forma basis as of March 31, 2016, the combined organization would have total assets of $13.1 billion, total loans receivable of $10.1 billion and total deposits of $10.3 billion.
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $8.1 billion in assets as of March 31, 2016. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 50 branches in California, New York, New Jersey, Illinois, Washington and Virginia; eight loan production offices in Seattle, Denver, Dallas, Atlanta, Northern California, Annandale, Virginia, Portland, Oregon and Fremont, California; and a representative office in Seoul, Korea. BBCN specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. BBCN Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. BBCN is an Equal Opportunity Lender.
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