Hope Bancorp, Inc. · NASDAQ:HOPE
Hope Bancorp — BBCN Bancorp — Merger or Acquisition (December 2015)
16 slides from Hope Bancorp's merger presentation, Dec 7, 2015
Slide 1: A Strategic Merger of Equals Creating the Only Super Regional Korean-American Banking Franchise
A Strategic Merger of Equals Creating the Only Super Regional Korean-American Banking Franchise Investor Presentation December 7, 2015 Filed by BBCN Bancorp, Inc. Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934
Slide 2: Forward-looking statements
This presentation contains statements regarding the proposed transaction between BBCN Bancorp and Wilshire Bancorp, the expected timetable for completing the transaction, future financial and operating results, benefits and synergies of the proposed transaction and other statements about the future
Slide 3: Compelling Strategic & Financial Rationale
Compelling Strategic & Financial Rationale Transaction Rationale Attractive Financial Returns Creates the only super regional Korean-American Bank(1) $12.3 billion in assets $9.6 billion in gross loans $10.0 billion in deposits Solidifies position as the Premier Korean-American bank serving all majo
Slide 4: Transaction Overview
Transaction Value:(1) Approximately $1.0 billion Price per Share:(2) $13.00 Transaction Structure: 100% stock Pro Forma Ownership: 59% BBCN; 41% WIBC Fixed Exchange Ratio: 0.7034 BBCN shares for each WIBC share Board of Directors: 9 members from BBCN and 7 members from WIBC Chairman of the Board: Mr
Slide 5: Creation of the Only Super Regional KorAm Franchise
Source: SNL Financial as of 9/30/2015. Korean-American Banks Ranked by Assets ($bn) Drivers of Expansion Increased scale will enable a more efficient operation, facilitate synergies and broaden customer base Capitalizes on leading positions to capture additional market share Expands presence in unde
Slide 6: Profiles of Wilshire and BBCN
$7.6 billion Korean-American bank headquartered in Los Angeles Largest with presence in California, Washington, Illinois, New York, New Jersey and Virginia Historical highlights: Created through successful merger of Center and Nara - first friendly business combination in KorAm banking space Top Kor
Slide 7: Nationwide Footprint with Enhanced Scale
Nationwide Footprint with Enhanced Scale 28 branches in California 8 branches in NY/NJ 4 branches in Washington 9 branches in Illinois 1 branch in Virginia 8 Loan Production Offices 22 branches in California 8 branches in NY/NJ 3 branches in Texas 1 branch in Georgia 1 branch in Alabama 6 Loan Produ
Slide 8: Well Positioned in Largest U.S. KorAm Communities
Creates the only super regional Korean-American bank with a nationwide footprint, providing full banking services to the largest Asian-American communities in the U.S. Top percentile in market share among Korean-American banks in each state Well Positioned in Largest U.S. KorAm Communities Source: S
Slide 9: Pro Forma Loan & Deposit Composition
Pro Forma Loan & Deposit Composition
Slide 10: Good Strategic Fit Resulting in Broad Product Set
Good Strategic Fit Resulting in Broad Product Set Combined Super Regional Franchise will offer a more robust range of products and services: Product/Service BBCN Wilshire Combined Bank SBA Loans ü ü ü Commercial R/E / Construction ü ü ü Residential Mortgage ü ü ü Warehouse Lending ü ü Commercial & I
Slide 11: History of Successful M&As and Integrations
Buyer Seller Announced Date Completion Date Target Total Assets ($000) WIBC Saehan Bancorp 07/15/2013 11/20/2013 $588,078 WIBC BankAsiana 06/10/2013 10/01/2013 $204,503 BBCN Foster Bankshares 04/16/2013 08/13/2013 $412,594 BBCN Pacific International Bancorp 10/22/2012 02/15/2013 $208,636 BBCN Center
Slide 12: Integration Plan Leveraging Prior Merger Experience
Leverage expertise gained from successful integration of past mergers, including Nara/Center merger of equals and successful integration Consolidation Committee comprised of equal representatives from both boards to architect and supervise integration process Maintain active communication and intera
Slide 13: Transaction Assumptions
Earnings Estimates(1): BBCN EPS: 2016e of $1.22 and 2017e of $1.32 WIBC EPS: 2016e of $0.83 and 2017e of $0.91 Cost Savings: Approximately $42.3 million or 15.9% of combined WIBC and BBCN 2016 estimated noninterest expenses Phased-in 50% in 2016 and 100% in 2017 Deal Related Expenses: Approximately
Slide 14: Significant EPS Accretion, Strong IRR & Robust Capital Position
Significant EPS Accretion, Strong IRR & Robust Capital Position Estimated financial impact is presented solely for illustrative purposes using mean analyst estimates per research analyst reports. Includes purchase accounting marks and cost savings. No revenue enhancements were included. Actual resul
Slide 15: Significant Franchise and Shareholder Value
Creates the only super regional Korean-American commercial bank from the combination of the two strongest existing franchises Expands product set; deepens and expands geographic reach; strengthens already solid regulatory and compliance platforms Accretive to earnings Increased earnings potential an
Slide 16: Additional Information about the Transaction
In connection with the proposed transaction between BBCN Bancorp, Inc. (“BBCN”) and Wilshire Bancorp, Inc. (“WIBC”), BBCN will file with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 that will include a Joint Proxy Statement/Prospectus of WIBC and BBCN, as well