BBCN Completes Acquisition of Pacific International

  BBCN Completes Acquisition of Pacific International

 -- Merger Creates Dominant Korean-American Bank in the Pacific Northwest --

Business Wire

LOS ANGELES -- February 15, 2013

BBCN Bancorp, Inc. (the “Company”) (NASDAQ: BBCN), the holding company of BBCN
Bank, today announced that it has completed the acquisition of Seattle-based
Pacific International Bancorp, Inc. (“Pacific International”), the holding
company of Pacific International Bank (“PI Bank”). Effective February 16,
2013, all PI Bank branches and offices will operate under the banner of BBCN
Bank.

“We are extremely excited to complete this merger, which positions BBCN as the
dominant Korean-American bank in terms of branch offices and deposit market
share in the Pacific Northwest,” said Bonita I. Lee, Acting President and
Chief Operating Officer of BBCN. “We look forward to building on PI Bank’s
strong heritage as the first Korean-American bank in the Seattle area. With
leadership in international trade finance, unparalleled lending capacity
amongst our peers and strong financial condition, BBCN is well positioned to
capitalize on what we believe will be increasing business opportunities in the
Pacific Northwest in the years to come.”

With the merger now completed, BBCN has $5.8 billion in total assets, $4.5
billion in deposits and 44 branches in Southern California, Northern
California, New York, New Jersey, Washington and Illinois.

Pursuant to the merger agreement, Pacific International stockholders are
entitled to receive 0.14121 shares of BBCN common stock for each share of
Pacific International common stock that they owned as of the close of business
February 15, 2013. Stockholders of Pacific International who are in possession
of Pacific International Bancorp common stock certificates will receive
instructions, by mail, on how to exchange those shares for BBCN common stock.
Stockholders of Pacific International who hold their shares in brokerage
accounts will not need to take any action to receive BBCN common stock through
their accounts, based upon the above-mentioned exchange ratio, for their
Pacific International common stock.

As previously announced, BBCN will retire Pacific International’s $6.5 million
in Series A Preferred Stock issued under the U.S. Treasury’s TARP Capital
Purchase Program, effective as of the merger closing.

BBCN was advised by the law firm of Mayer Brown LLP and was provided with a
fairness opinion by Raymond James. Pacific International was advised by the
investment banking firm of Keefe, Bruyette & Woods, Inc. and the law firm of
Graham & Dunn PC.

About BBCN Bancorp, Inc.

BBCN Bancorp, Inc. is the parent company of BBCN Bank, the largest
Korean-American bank in the nation with $5.6 billion in assets as of December
31, 2012. The Company is a result of the merger of equals of Nara Bancorp,
Inc. and Center Financial Corporation completed on November 30, 2011.
Headquartered in Los Angeles and serving a diverse mix of customers mirroring
its communities, BBCN operates 44 branches in California, New York, New
Jersey, Washington and Illinois, along with five loan production offices in
Seattle, Denver, Dallas, Atlanta and Northern California. BBCN specializes in
core business banking products for small and medium-sized businesses, with an
emphasis in commercial real estate and business lending, SBA lending and
international trade financing. BBCN Bank is a California-chartered bank and
its deposits are insured by the FDIC to the extent provided by law. BBCN is an
Equal Opportunity Lender.

Forward-Looking Statements

This press release contains statements regarding the contemplated future
financial and operating results, benefits and synergies of the merger and
other statements about the future expectations, beliefs, goals, plans or
prospects of the management of the Company. These statements are based on
current expectations, estimates, forecasts and projections and management
assumptions about the future performance of the company, as well as the
businesses and markets in which it operates. These statements constitute
forward-looking statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Words such as “expects,” “believes,”
“estimates,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,
“seeks,” and variations of such words and similar expressions are intended to
identify such forward-looking statements which are not statements of
historical fact. These forward-looking statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions that are
difficult to assess. Actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements. Factors
that may cause actual outcomes to differ from what is expressed or forecasted
in these forward-looking statements include, among things: difficulties and
delays in integrating the formerly separate operations of BBCN Bancorp and
Pacific International Bancorp and achieving anticipated synergies, cost
savings and other benefits from the transaction; higher than anticipated
transaction costs; deposit attrition, operating costs, customer loss and
business disruption following the merger, including difficulties in
maintaining relationships with employees, may be greater than expected;
competitive pressures among depository and other financial institutions may
increase significantly and have an effect on revenues; the strength of the
United States economy in general, and of the local economies in which the
combined Company will operate, may be different than expected, which could
result in, among other things, a deterioration in credit quality or a reduced
demand for credit and have a negative effect on the combined Company’s loan
portfolio and allowance for loan losses; changes in the U.S. legal and
regulatory framework; and adverse conditions in the stock market, the public
debt market and other capital markets (including changes in interest rate
conditions) which would negatively affect the combined Company’s business and
operating results.

For a more complete list and description of such risks and uncertainties,
refer to recent filings made with the SEC by BBCN Bancorp. Except as required
under the U.S. federal securities laws and the rules and regulations of the
SEC, BBCN disclaims any intention or obligation to update any forward-looking
statements after the distribution of this press release, whether as a result
of new information, future events, developments, changes in assumptions or
otherwise.

Contact:

BBCN Bancorp, Inc.
Angie Yang
SVP, Investor Relations
213-251-2219
angie.yang@BBCNbank.com
 
Press spacebar to pause and continue. Press esc to stop.