FBOP Corp. in Oak Park, Ill., said Tuesday that it is acquiring yet another stake in the parent company of People's Bank of California in Los Angeles.
FBOP, a $5.1 billion-asset holding company, said in a Securities and Exchange Commission filing that it plans to acquire 807,200 shares of PBOC Corp., or 4% of its outstanding stock, from Advisory Research Inc. in Chicago for $10 per share.
The deal, combined with two others announced last month, would increase FBOP's holdings in the $3.3 billion-asset Los Angeles company to 40.5% of its outstanding stock.
FBOP, a privately held company that owns community banks in Illinois, Texas, and California, has agreed to buy nearly 4.8 million shares - or 23.9% of PBOC's stock - from the estate of Bernice Pauahi of Hawaii. FBOP also plans to buy 1.9 million shares, or a 9.6% stake, from New Zealand-based BIL Securities Ltd. Both sales are valued at $10 per share.