Nara Bank said early Wednesday that it had signed a definitive agreement to acquire Korea First Bank of New York for an undisclosed amount in cash.

Nara, the third-largest Korean-American bank in Southern California, with $335 million of assets, said the purchase price is three times Korea First's book value. Korea First is the $118 million-asset subsidiary of Seoul-based Korea First Bank Ltd. It has three branches in the New York boroughs of Manhattan and Queens.

Nara, with offices in Silicon Valley, Seattle, and Chicago, already operates a branch in Queens. The deal is expected to close early next year. -- Matt Andrejczak

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