Nara Bancorp Inc. and Center Financial Corp. will operate under the name BBCN Bank with a new corporate logo after the merger of the two companies is completed.
The deal is expected to close on Wednesday; it
The $3 billion-asset Nara and the $2.3 billion-asset Center Financial
The $286-million deal that would create the largest Korean-American-owned bank in the U.S. BBCN will have more than 40 branches in California, New York, New Jersey, Seattle and Chicago.
The niche buy now/pay later firm is looking for differentiation in a crowded market with recognizable brands like Klarna, Affirm and Afterpay.
The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.
The breach, which occurred earlier in November, did not directly impact customer operations, but a threat actor stole data meant for customers.
The North Carolina-based bank rolled out a multiyear program to provide loans, investments and philanthropic support to communities in the western part of the state.
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
Analysts say lenders' shares could rally on deregulation, lighter tax burdens and a resurgence of M&A. Declining interest rates and lower loan losses could further bolster bottom lines and attract investor interest.
