BBCN Bancorp Fully Redeems $122 Million in TARP Preferred Stock
BBCN Bancorp, Inc. (NASDAQ: BBCN) today announced that it has redeemed $122 million of Series A and Series B Preferred Stock issued under the U.S. Treasury's TARP Capital Purchase Program. The redemption covers the total combined preferred stock investment by the U.S. Treasury of $67 million in the former Nara Bancorp, Inc. and $55 million in the former Center Financial Corporation. On November 30, 2011, the two organizations merged and became the largest Korean American bank in the nation.
Since receiving the TARP investments in fourth quarter 2008, BBCN, including the predecessor companies, has timely paid the U.S. Treasury approximately $24.7 million in preferred stock dividends. On an ongoing basis, the redemption eliminates the quarterly payment of $1.5 million in dividends on these securities.
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