LosAngeles-based Cathay GeneralBancorp ($13.26 billion) inked an agreement with Taipei,Taiwan-based Bank SinoPac Co.Ltd. for Cathay to acquire SinoPac Bancorp ($1.30 billion) for $340 million.
Theaggregate consideration mix paid to Bank SinoPac will be at least 90% cash,with Cathay having the option to pay up to 10% in Cathay common stock,according to a press release.
SinoPacBancorp, which is based in Los Angeles, is the U.S. subsidiary of Bank SinoPac.SinoPac Financial Holdings Co.Ltd. is SinoPac Bancorp's ultimate parent.