LOS ANGELES, Jan. 12 /PRNewswire-FirstCall/ — Pacific City Financial Corporation (OTC Bulletin Board: PFCF) (“Pac City”) and North Asia Investment Corporation (NYSE Amex: NHR) (“NAIC”) today jointly announced that they have entered into an Agreement and Plan of Reorganization (the “Agreement”), pursuant to which NAIC will merge with and into Pac City (the “Merger”). Completion of the transaction is subject to customary conditions, including receipt of all required regulatory approvals and approval of stockholders of each of Pac City and NAIC.
Pac City is a bank holding company, headquartered in Los Angeles, California, that conducts its operations through Pacific City Bank, a California state-chartered bank. As of September 30, 2009, Pac City had total assets of $534 million and total equity of $54 million, including $16 million of preferred equity under the TARP program. NAIC is a special purpose acquisition company incorporated in theCayman Islands with $50 million of cash-in-trust. The senior management of Pac City will remain in their respective management positions following the Merger. In addition, Thomas C. Kang, Chief Executive Officer of NAIC, is expected to become Chairman of Pac City’s Board of Directors (the “Board”).
Jung Chan Chang, Chief Executive Officer of Pac City, commented, “We are extremely pleased to announce the proposed transaction, which brings the significant capital base of NAIC, as well as the board oversight and expertise of Thomas Kang, for the benefit of Pac City. The management and Board of Directors of Pac City have built a solid franchise, and we look forward to expanding our platform and enhancing our leadership in the Korean-American banking sector on behalf of all of our shareholders.”