TAIPEI (Taiwan News) — SinoPac Holdings and King's Town Bank announced on Monday that their merger has been approved by shareholders.

Under the terms of the deal, SinoPac will acquire 100% of King's Town Bank through a share exchange. Each ordinary share of King's Town Bank will be converted into 1.15 shares of SinoPac Holdings, along with NT$26.75 (81 cents) in cash, according to SinoPac.

SinoPac shares closed at NT$22.85 on Monday, with a 60-day average of NT$23.1. King's Town Bank shares ended at NT$50.7.

King's Town Bank Chair Tai Cheng-chih (戴誠志) said that the ongoing development of the Southern Taiwan Science Park and TSMC’s Kaohsiung factory is expected to drive southern Taiwan’s economic growth beyond the national average.

Tai believes SinoPac’s acquisition of King's Town Bank will strategically position the company in the fast-growing region, promising benefits over the next five to 10 years.

SinoPac Holdings' Bank SinoPac operates 125 branches across Taiwan, with 83 in northern Taiwan. As of 2023, King's Town Bank operates 66 domestic branches, 48 of which are in southern Taiwan.

Once approved by the authorities, the share conversion will take place within 20 business days. The merger is expected to be completed by the fourth quarter of 2026.