The proposed deal is expected to complete during the first quarter of 2013, after receiving approval from regulators and the shareholders of the firm as well as satisfying other customary closing conditions.
Following the completion of the acquisition, the acquirer will have six branches in the Seattle area.
Commenting on the transaction, BBCN Bancorp president and chief executive officer Alvin Kang said, "With this transaction, BBCN will be the market leader in Southern California, Northern California, New York and the Seattle metropolitan area."
The law firm of Mayer Brown served as the legal advisor to the acquirer, while Raymond James offered fairness opinion.
Pacific International was advised by the investment banking firm of Keefe, Bruyette & Woods and the law firm of Graham & Dunn.
The bank, which is being acquired, has total assets of nearly $200m, and its main subsidiary, Pacific International Bank, a state-chartered bank, manages four bank locations in the Seattle metropolitan area.
BBCN Bancorp, the parent company of BBCN Bank, the Korean American bank had over $5.3bn in assets as of 30 September 2012.
