Nov. 23, 2015, 4:19 PM
- The all-stock deal would see BBCN Bancorp (NASDAQ:BBCN) owners receive 0.7331 of a share of Hanmi (NASDAQ: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.