Spotlight: Bancorp Hawaii to Acquire CU Bancorp
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Bancorp Hawaii Inc. will buy Encino-based CU Bancorp for $183 million in stock and cash. Bancorp Hawaii agreed to pay $15.34 in stock and cash for each CU Bancorp share, a premium above CU’s closing price of $14.375 on Tuesday. Bancorp, operating as California United Bank, has 21 branches in Southern California. Bancorp Hawaii has branches in the continental U.S. and the Pacific Rim. The company said the purchase fits in with its expansion plans.
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