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BBCN Bancorp Inc Announces Acquisition Of Chicago-Based Foster Bankshares

Tuesday, 16 Apr 2013 09:00am EDT 

BBCN Bancorp Inc and Chicago-based Foster Bankshares, Inc. jointly announced the signing of a definitive agreement under which Foster Bankshares will merge with and into BBCN. The transaction positions BBCN as the leading Korean-American bank in Chicago and provides an entry to the Korean-American community in the greater Washington D.C. metropolitan area. As of December 31, 2012, Foster Bankshares had total assets of $412.6 million, total loans of $326.9 million and total deposits of $357.4 million. Foster Bank is a state-chartered bank, operating eight branches in the Chicago metropolitan area and one branch in Annandale, Virginia. The transaction is expected to close during the second half of 2013, subject to regulatory approvals and satisfaction of other customary closing conditions. 

Company Quote

-0.46 -3.12%
1:31pm EDT