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BBCN Bancorp (BBCN) in Los Angeles has filled the leadership left open by Alvin Kang's resignation as president and chief executive earlier this year.
March 7 -
BBCN execs took a difficult path to build the largest Korean-American bank, but a successful merger in L.A. and a deal in Seattle have put it on course to become a West Coast player — and maybe more.
December 26
BBCN Bancorp (BBCN) in Los Angeles has agreed to buy Foster Bankshares in Chicago.
BBCN said in a press release Tuesday that the acquisition would position the $5.6 billion-asset company as "the leading Korean-American bank in Chicago" while providing it with entry into the Washington, D.C., market. Foster Bankshares has $413 million in assets, eight branches around Chicago and one in Annandale, Va.
BBCN will pay about $4.6 million for Foster, or roughly $34.67 a share. Foster's shareholders can choose cash or stock. The companies expect to complete the transaction during the second half of this year.
"This partnership underscores BBCN's strategic objective to be the dominant Korean-American bank in the markets in which we operate," Kevin Kim, the company's chairman and chief executive, said in the release. "We are excited to be expanding our banking footprint into the D.C. metropolitan area, a region that represents one of the fastest growing populations of Korean-Americans in the country."
The transaction also indicates that BBCN aims to be a
BBCN, which has two branches in Chicago, was advised by Keefe, Bruyette & Woods and Arnold & Porter. Foster Bankshares was advised by FIG Partners and Barack Ferrazzano Kirschbaum & Nagelberg.