BBCN Bancorp (BBCN) in Los Angeles has agreed to buy Pacific International Bancorp (PIBW) in Seattle.

The transaction, which comes less than a year after a merger of two large Korean-American banks created the $5 billion-asset BBCN, values Pacific International at $8.2 million. As part of the deal, BBCN would repay the $6.5 million in preferred stock that Pacific International issued to the Treasury Department under the Troubled Asset Relief Program.

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