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Hope Bancorp Completes Merger With Territorial Bancorp

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Hope Bancorp (NASDAQ: HOPE) has completed its merger with Territorial Bancorp, expanding its presence into Hawaii. The merger, effective April 2, 2025, will see Territorial Savings Bank operate as a division of Bank of Hope, maintaining its century-old brand legacy and community commitment.

Under the merger agreement, Territorial shareholders will receive 0.8048 shares of Hope Bancorp common stock for each Territorial share. Following this strategic combination, Bank of Hope has positioned itself as the largest regional bank serving multi-cultural customers across the continental United States and Hawaii.

Hope Bancorp (NASDAQ: HOPE) ha completato la sua fusione con Territorial Bancorp, ampliando la sua presenza alle Hawaii. La fusione, effettiva dal 2 aprile 2025, vedrà Territorial Savings Bank operare come una divisione di Bank of Hope, mantenendo il suo marchio centenario e il suo impegno verso la comunità.

Secondo l'accordo di fusione, gli azionisti di Territorial riceveranno 0,8048 azioni ordinarie di Hope Bancorp per ogni azione di Territorial. A seguito di questa combinazione strategica, Bank of Hope si è posizionata come la più grande banca regionale che serve clienti multiculturali negli Stati Uniti continentali e alle Hawaii.

Hope Bancorp (NASDAQ: HOPE) ha completado su fusión con Territorial Bancorp, ampliando su presencia en Hawái. La fusión, efectiva a partir del 2 de abril de 2025, hará que Territorial Savings Bank opere como una división de Bank of Hope, manteniendo su legado de marca centenaria y su compromiso con la comunidad.

Bajo el acuerdo de fusión, los accionistas de Territorial recibirán 0.8048 acciones comunes de Hope Bancorp por cada acción de Territorial. Tras esta combinación estratégica, Bank of Hope se ha posicionado como el mayor banco regional que atiende a clientes multiculturales en los Estados Unidos continentales y Hawái.

Hope Bancorp (NASDAQ: HOPE)는 Territorial Bancorp와의 합병을 완료하여 하와이로의 입지를 확대했습니다. 2025년 4월 2일부터 효력이 발생하는 이번 합병을 통해 Territorial Savings Bank는 Hope Bank의 한 부서로 운영되며, 100년 된 브랜드 유산과 지역 사회에 대한 헌신을 유지합니다.

합병 계약에 따라 Territorial 주주들은 Territorial 주식 1주당 0.8048주의 Hope Bancorp 보통주를 받게 됩니다. 이 전략적 조합을 통해 Hope Bank는 미국 본토와 하와이에 걸쳐 다문화 고객을 위한 가장 큰 지역 은행으로 자리 잡았습니다.

Hope Bancorp (NASDAQ: HOPE) a terminé sa fusion avec Territorial Bancorp, élargissant ainsi sa présence à Hawaï. La fusion, effective à partir du 2 avril 2025, verra Territorial Savings Bank fonctionner comme une division de Bank of Hope, préservant son héritage de marque centenaire et son engagement envers la communauté.

Selon l'accord de fusion, les actionnaires de Territorial recevront 0,8048 actions ordinaires de Hope Bancorp pour chaque action de Territorial. Suite à cette combinaison stratégique, Bank of Hope s'est positionnée comme la plus grande banque régionale servant des clients multiculturels à travers les États-Unis continentaux et Hawaï.

Hope Bancorp (NASDAQ: HOPE) hat seine Fusion mit Territorial Bancorp abgeschlossen und seine Präsenz in Hawaii erweitert. Die Fusion, die am 2. April 2025 wirksam wird, wird dazu führen, dass die Territorial Savings Bank als eine Abteilung der Bank of Hope agiert und ihr jahrhundertealtes Marken-Erbe sowie ihr Engagement für die Gemeinschaft beibehält.

Gemäß dem Fusionsvertrag erhalten die Territorial-Aktionäre 0,8048 Aktien der Stammaktien von Hope Bancorp für jede Territorial-Aktie. Nach dieser strategischen Kombination hat sich die Bank of Hope als die größte regionale Bank für multikulturelle Kunden in den kontinentalen Vereinigten Staaten und Hawaii positioniert.

Positive
  • Geographic expansion into Hawaii market
  • Becomes largest regional bank for multi-cultural customers in US and Hawaii
  • Retention of Territorial's 100-year brand legacy and customer base
Negative
  • Share dilution for existing Hope Bancorp shareholders due to stock-based transaction

LOS ANGELES--(BUSINESS WIRE)-- Hope 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.

“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.”

Pursuant 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.

About Hope Bancorp, Inc.

Hope 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 loan production offices throughout the United States, and a representative office in Seoul, South Korea. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to www.bankofhope.com for Bank of Hope and www.tsbhawaii.bank for Territorial Savings, a division of Bank of Hope. By including the foregoing website address link, Hope Bancorp does not intend to and shall not be deemed to incorporate by reference any material contained or accessible therein.

Forward-Looking Statements

Some statements in this news release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, Hope Bancorp claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. Factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp and Territorial and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; and deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected. Other risks and uncertainties include, but are not limited to: possible renewed deterioration in economic conditions in Hope Bancorp’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying Hope Bancorp’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against Hope Bancorp; and risks from natural disasters. For additional information concerning these and other risk factors, see Hope Bancorp’s most recent Annual Report on Form 10-K. Hope Bancorp does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

For Hope Bancorp, Inc.

Julianna Balicka

EVP & Chief Financial Officer

213-235-3235

julianna.balicka@bankofhope.com

 

Angie Yang

SVP, Director of Investor Relations & Corporate Communications

213-251-2219

angie.yang@bankofhope.com

Source: Hope Bancorp, Inc.

FAQ

What is the exchange ratio for Territorial Bancorp shares in the Hope Bancorp merger?

Territorial shareholders receive 0.8048 shares of Hope Bancorp (HOPE) common stock for each Territorial share they own.

When will the Hope Bancorp-Territorial merger become effective?

The merger becomes effective on April 2, 2025.

How will Territorial Savings Bank operate after the Hope Bancorp merger?

Territorial Savings Bank will operate under the trade name 'Territorial Savings, a division of Bank of Hope', preserving its brand and culture.

What market position does Hope Bancorp achieve with the Territorial acquisition?

Hope Bancorp becomes the largest regional bank serving multi-cultural customers across the continental United States and Hawaii.
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