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.
Hanmi Financial Corp. operates as a bank holding company, which provides commercial banking and financial services. The company operates through its subsidiary, Hanmi Bank. It provides deposit services which include business and personal checking accounts, savings accounts, negotiable order of... More
Industry: Regional - Pacific Banks
Country: United States
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