Mergers & Acquisitions

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Deal Overview

Buyer:
BBCN Bancorp, Inc.
Actual Acquirer:
BBCN Bancorp, Inc.
Target:
Wilshire Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/7/2015
Announcement Date:
12/7/2015
Announced Deal Value ($ M):
1,032.26
Status:
Completed
Completion Date:
7/29/2016
Announced Deal Value Per Share ($ )
13.00

Consideration Breakout
Common Stock ($M) 864.4
Common Stock Issued 55,493,730

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 194.0 154.2
Price / Tangible Book (%) 224.2 176.3
Price / Earnings (x) 16.1 14.8
Price / Deposits (%) 26.18 21.67
Price / Assets (%) 21.78 17.79
Tangible Book Premium/ Deposits (%) 23.04 14.55
Deal Terms
Description of Consideration

In a merger of equals, BBCN Bancorp Inc. issued 0.7034 shares of its own common stock for each share of Wilshire Bancorp Inc. In addition, BBCN Bancorp, Inc. also assumed the obligations of Wilshire Bancorp, Inc. with respect to its issued and outstanding junior subordinated debt securities and FHLB borrowing.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? Yes
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 359,050
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 45,000
Maximum Termination Fee ($ 000) 40,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.703400
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) 18,138
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Morrison & Foerster LLP
Seller Yes Hunton Andrews Kurth LLP
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