The nation’s two largest Korean American banks, both with headquarters in Los Angeles, plan to merge in a deal that will create an ethnic banking powerhouse – and that stymies an effort by another local bank to stop the deal.
In a deal announced early Monday, BBCN Bancorp said it will acquire smaller rival Wilshire Bancorp for $1 billion in an all-stock deal. Both banks, with headquarters just blocks from each other on Wilshire Boulevard in Koreatown, specialize in lending to businesses owned by Korean immigrants.
Combined, the two banks would have branches in nine states and $12.3 billion in assets, according to an investor presentation on the deal, making it by far the country’s largest Korean American bank.
“The combination of BBCN and Wilshire will create an unrivaled organization with the only national platform providing full banking services in all of the major geographic markets in the United States with sizable Korean-American communities,” said Steven S. Koh, Wilshire’s chairman, in a statement.
Full content: Street Insider
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Car Battery Makers to Challenge EU Cartel Charges in Brussels
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI