Sooo many banks an so little time. It's been a while since I updated the progress on BBCN.
They've been quietly making all the right moves in 2012 and Mr. Kang (President and CEO) says "he's just getting started"
Highlights for 2012 outlined in the Dec 26th copy of the American Banker
- BBCN kicked off 2012 with the hefty task of merging the $3 billion-asset Nara Bancorp
and the $2.3 billion-asset Center Financial
into a new brand.
- They bought a small bank in Seattle (Pacific National Bancorp) for $8.2 million which only added $200 million in assets..but it expanded market share in the Pacific Northwest which was one of their main target areas.
- In June, BBCN redeemed $122 million in TARP funds from its two predecessor companies while still leaving plenty of capital to grow and meet reg cap ratios.
- BBCNs' loans have nearly surpassed deposits - though both catagories have grown. BBCN is one of the few banks with a loan-to-deposit ratio over 100%.
- Part of the loan growth came from the merger, but BBCN has also expanded it Small Business Administration unit into one of the largest SBA lenders in the country. The company also held on to more of its SBA loans in the 3rd qtr than in the past.
- Interest income from loans rose 87% to $18.4 million compared to a year earlier. Net interst margin (NIM) has grown 5.1%, surpassing the national average of 3.4%, according to the FDIC quarterly bank performance report.
Source: American Banker
sorry.. No link exist...subscription required. Thanx EI ;)
To get a quick look at the overall health
of the bank check this link: http://banktracker.investigativereportingworkshop.org/banks/california/los-angeles/center-bank/
I look for more deals to be made by BBCN in 2013.