As per the terms of the merger agreement, CLFC shareholders will receive 0.7805 shares of BBCN for each CLFC share owned. Current directors of both the institutions will serve on the Board of Directors of BBCN Bancorp and BBCN Bank.
The new company will have over $700m as market capitalization and will begin trading today under the new stock ticker symbol, BBCN.
The BBCN Bank has more than $5bn in assets, over $4bn in deposits insured by the FDIC, and 40 branches in Southern California, Northern California, New York, New Jersey, Seattle and Chicago.
BBCN president and CEO Alvin Kang said: "With unparalleled convenience and lending capacity among Korean American banks, we are uniquely able to provide customized solutions that will help individuals and small- and middle-market businesses achieve their financial goals."
The California-chartered bank is also an Equal Opportunity Lender.
