BBCN and Wilshire shareholders approve Koreatown bank merger
A combination of the nation’s two largest Korean American banks is set to close July 29 after shareholders of Los Angeles institutions BBCN Bancorp and Wilshire Bancorp approved a merger Thursday.
The deal, announced in December, will create a bank that is by far the country’s largest lender focused on Korean American customers.
With assets of $12.7 billion, it will be about three times the size of its closest rival, fellow Koreatown lender Hanmi Bank, which sought unsuccessfully to block the BBCN-Wilshire deal.
BBCN will buy Wilshire in an all-stock transaction valued at about $896 million at Thursday’s closing price.
Once the deal closes, the combined bank will rebrand as Bank of Hope, owned by parent company Hope Bancorp.
Follow me: @jrkoren
Must-read stories from the L.A. Times
Get the day's top news with our Today's Headlines newsletter, sent every weekday morning.
You may occasionally receive promotional content from the Los Angeles Times.