Mergers & Acquisitions

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Deal Overview

Buyer:
BBCN Bancorp, Inc.
Actual Acquirer:
BBCN Bancorp, Inc.
Target:
Pacific International Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/22/2012
Announcement Date:
10/22/2012
Announced Deal Value ($ M):
8.23
Status:
Completed
Completion Date:
2/15/2013
Announced Deal Value Per Share ($ )
1.75

Consideration Breakout
Cash ($M) 7.5
Common Stock ($M) 8.5
Common Stock Issued 632,050

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 52.3 60.4
Price / Tangible Book (%) 52.3 NA
Price / Earnings (x) NA NA
Price / Deposits (%) 5.14 5.95
Price / Assets (%) 9.46 4.64
Tangible Book Premium/ Deposits (%) (7.32) NA
Deal Terms
Description of Consideration

BBCN Bancorp Inc. exchanged 0.14121 shares of its common stock for each outstanding share of Pacific International Bancorp Inc. The issued and outstanding shares of Pacific International's Fixed Rate Cumulative Perpetual Preferred Stock, Series A held by the U.S. Department of the Treasury were converted into the right to receive cash in the amount of $6.5 million plus all accrued and unpaid dividends on such shares, aggregating to $975,000. BBCN Bancorp Inc. also assumed $4.1 million in trust preferred securities.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 250
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.141200
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 604
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Mayer Brown LLP
Seller Yes Graham & Dunn PC
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