LOS ANGELES — Hanmi Financial Corp. (HFC) has reached an agreement to acquire Los Angeles-based California Center Bank (CCB) in a merger valued at $103 million. HFC, the Los Angeles-based holding company for Hanmi Bank, will pay CCB shareholders a cash consideration equal to 2.3 times the shareholders’ equity of CCB, or about $17 per share.
The merger is expected to be completed in the fourth quarter. At the end of the closing, CCB will operate under the name Hanmi Bank. Based upon March 31 numbers, CCB will add approximately $480 million in assets and $421 million in deposits to HFC’s $1.07 billion in assets and $959 million in deposits.