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Hope Bancorp Completes Merger With Territorial Bancorp
LOS ANGELES--(BUSINESS WIRE)-- Hope Bancorp, Inc. (“Hope Bancorp”) (NASDAQ: HOPE), the holding company of Bank of Hope, today announced the completion of its
About this update from Hope Bancorp, Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nHope Bancorp, Inc. (“Hope Bancorp”) (NASDAQ: HOPE), the holding company of Bank of Hope, today announced the completion of its merger with Honolulu-based Territorial Bancorp Inc. (“Territorial”), the holding company for Territorial Savings Bank. Effective as of April 2, 2025, Territorial Savings Bank will operate under the trade name Territorial Savings, a division of Bank of Hope, preserving the 100-plus year legacy of the Territorial brand, culture and commitment to local communities.\n\n“We are excited to have completed this combination and to officially welcome Territorial customers and team members to the Bank of Hope family,” stated Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp. “With the addition of Territorial Savings, Bank of Hope has become the largest regional bank catering to multi-cultural customers across the continental United States and Hawaii.”\n\nPursuant to the merger agreement, Territorial shareholders have the right to receive 0.8048 shares of Hope Bancorp common stock in exchange for each share of Territorial common stock they own.\n\nAbout Hope Bancorp, Inc.\n\nHope Bancorp, Inc. (NASDAQ: HOPE) is the holding company of Bank of Hope, the only regional Korean American bank in the United States with $17.05 billion in total assets as of December 31, 2024. With the addition of Territorial Savings, a division of Bank of Hope, effective April 2, 2025, the Company became the largest regional bank catering to multi-cultural customers across the continental United States and Hawaii. Headquartered in Los Angeles, the Bank provides a full suite of commercial, corporate and consumer loans, deposit and fee-based products and services, including commercial and commercial real estate lending, SBA lending, residential mortgage and other consumer lending; treasury management services, foreign currency exchange solutions, interest rate derivative products, and international trade financing, among others. The Bank operates 46 full-service branches in California, New York, New Jersey, Washington, Texas, Illinois, New York, New Jersey, Alabama, and Georgia under the Bank of Hope banner, and 29 branches in Hawaii under the Territorial Savings banner. The Bank also operates SBA loan production offices, commercial loan production offices, and residential mortgage lo...