BBCN Bancorp And Wilshire Bancorp Announce Merger Of Equals - Quick Facts

(RTTNews) - BBCN Bancorp, Inc. (BBCN) and Wilshire Bancorp, Inc. (WIBC) announced the signing of a definitive agreement to combine in a strategic merger of equals. Wilshire shareholders will receive a fixed exchange ratio of 0.7034 of a share of BBCN common stock in exchange for each share of Wilshire common stock they own in a 100% stock-for-stock transaction valued at approximately $1.0 billion.

BBCN shareholders will own 59% of the combined entity and Wilshire shareholders will own 41%. The combined company will have $12.3 billion in total assets, $9.6 billion in gross loans, and $10.0 billion in deposits.

Steven Koh, the Chairman of the Board of Wilshire, will serve as Chairman of the combined company. Kevin Kim, Chairman, President and CEO of BBCN, will be President and CEO of the combined company.