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BBCN gets merger offer from Hanmi Bank

Nov. 23, 2015 4:19 PM ETHope Bancorp, Inc. (HOPE) StockBy: Stephen Alpher, SA News Editor
  • The all-stock deal would see BBCN Bancorp (BBCN) owners receive 0.7331 of a share of Hanmi (HAFC) for each share of BBCN they own. Based on Hanmi's close today of $27.02, this works out to $19.81 per share versus BBCN's close of $18.25.
  • BBCN shareholders would represent about 65% of the combined company.
  • The deal would create the largest Korean-American banking franchise with about $12B in assets and $10B in deposits. Hanmi expects annual cost savings of roughly $50M-$60M (pretax), which represents 18-22% of the combined companies' cash non-interest expense base.
  • Hanmi for months has unsuccessfully tried to engage with BBCN on a deal, necessitating the need today to go public.
  • Source: Press Release

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