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January 14, 2013
20:02 EDTBBCNBBCN Bank CEO Alvin Kang to step down January 31
BBCN Bancorp announced that Alvin D. Kang will step down from his positions as president and CEO and as a director of the company and its wholly owned subsidiary, BBCN Bank, effective as of the close of business on January 31. The company's board will retain an executive search firm to initiate a formal search for a new CEO. Until a successor is appointed, the board has established an Executive Council to carry out the responsibilities of the CEO. Executive VP and COO Bonita I. Lee will be given the additional title of acting president and will lead the Executive Council. The Executive Council membership will also include executive VP and CFO Philip E. Guldeman and executive VP and Chief Commercial Banking Officer Kyu S. Kim.
News For BBCN From The Last 14 Days
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November 24, 2015
06:01 EDTBBCNBBCN Bancorp receives proposal from Hanmi Financial
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November 23, 2015
16:04 EDTBBCNHanmi Financial proposes to combine with BBCN Bancorp
Hanmi Financial (HAFC), the holding company for Hanmi Bank, announced that it has proposed to combine with BBCN Bancorp (BBCN) in an all-stock transaction at an implied purchase price of $19.98 per BBCN share based on Hanmi's November 20 closing price. Under the terms of the proposal, Hanmi and BBCN would combine in a 100% stock merger in which BBCN stockholders would receive 0.7331 of a share of Hanmi common stock for each share of BBCN common stock. The proposal represents a 15.3% premium to BBCN's volume weighted average price from October 21 to November 20. Hanmi and BBCN stockholders would also benefit from substantial earnings per share accretion, the company said. Based on this proposal, upon closing of the transaction BBCN stockholders would represent approximately 65% of the combined company's stock ownership and Hanmi stockholders would represent 35%. In addition, Hanmi expects that the composition of the Board of Directors of the combined company would reflect these respective ownership percentages. Hanmi's proposal was more fully described in a letter sent on Friday, November 20, to the Board of Directors of BBCN, Hanmi noted.
16:01 EDTBBCNHanmi Financial, BBCN Bancorp trading halted, pending news

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