Pacific City Financial Corporation (OTC.BB: PFCF) and North Asia Investment Corporation (AMEX: NHR) (NAIC) have jointly announced that they have entered an agreement and plan of reorganization. Under the agreement NAIC will merge into Pacific City.
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Pacific City is a bank holding company which conducts operations through Pacific City Bank. As of September 30, 2009, the company had assets totaling $534 million and equity of $54 million, including $16 million of preferred equity under the TARP program.
NAIC is a special purpose acquisition company based out of the Cayman Islands with $50 million of cash-in-trust.
The senior management of Pacific City will remain in their positions following the merger. The CEO of NAIC, Thomas C. Kang, is expected to become Chairman of Pacific City's Board of Directors.
About Pacific City Financial Corporation
Pac City is a bank holding company, headquartered in Los Angeles, California, that conducts its operations through Pacific City Bank (the "Bank"), a California state-chartered bank.
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