Territorial Bancorp Postpones Special Meeting of Stockholders

Rhea-AI Summary

Territorial Bancorp Inc. (NASDAQ: TBNK) has announced the postponement of its Special Meeting of Stockholders, originally scheduled for October 10, 2024, to November 6, 2024. The meeting is set to vote on the proposed merger with Hope Bancorp, Inc. (NASDAQ: HOPE). The postponement aims to allow Territorial's Board of Directors and management team additional time for discussions with stockholders regarding the pending merger.

The Territorial Board continues to unanimously recommend that stockholders vote in favor of the merger with Hope Bancorp and related proposals. The record date for stockholders entitled to vote remains unchanged at August 14, 2024. Hope Bancorp has filed a Registration Statement on Form S-4 with the SEC, containing the Proxy Prospectus, which has been distributed to Territorial's stockholders.

Positive

• Board of Directors unanimously recommends stockholders vote for the merger
• Additional time provided for discussions with stockholders regarding the merger

Negative

• Postponement of Special Meeting may indicate uncertainty or complications in the merger process

Insights

Financial Analyst

The postponement of Territorial Bancorp's Special Meeting of Stockholders is a significant development in the proposed merger with Hope Bancorp. This delay suggests potential challenges or uncertainties surrounding shareholder approval. The extended timeline allows management to engage further with stockholders, indicating possible resistance or need for additional clarification about the merger's terms and benefits. For investors, this could signal increased scrutiny of the deal's value proposition. The Board's continued unanimous recommendation for the merger, despite the postponement, implies confidence in the transaction's merits. However, the delay may also introduce market uncertainty, potentially affecting both TBNK and HOPE stock prices in the short term. Investors should closely monitor any updates or changes in shareholder sentiment during this extended period, as it could impact the merger's ultimate outcome and the future direction of both companies.

Postponement Provides Additional Time for Territorial Board and Management to Engage with Territorial Stockholders Regarding Hope Bancorp Merger

HONOLULU, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc. (NASDAQ: TBNK) (“Territorial”) announced today that it has postponed the Company’s Special Meeting of Stockholders (the “Special Meeting”) to vote on its proposed merger with Hope Bancorp, Inc. (NASDAQ: HOPE) (“Hope Bancorp”), which was originally scheduled for 8:30 a.m., Hawaii time, on October 10, 2024. The Special Meeting has been rescheduled for November 6, 2024 at 8:30 a.m., Hawaii time. The August 14, 2024 record date for stockholders entitled to vote at the Special Meeting is unchanged.

The Special Meeting has been postponed in order to allow the Territorial Board of Directors and management team to continue discussions with stockholders regarding the pending Hope Bancorp merger.

The Territorial Board continues to unanimously recommend that Territorial stockholders vote “For” the merger with Hope Bancorp and all related proposals.  

Additional Information about the Hope Merger and Where to Find It

In connection with the proposed Hope Merger, Hope has filed with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, containing the Proxy Prospectus, which has been mailed or otherwise delivered to Territorial’s stockholders on or about August 29, 2024, as supplemented September 12, 2024.  Hope and Territorial may file additional relevant materials with the SEC. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.  You may obtain any of the documents filed with or furnished to the SEC by Hope or Territorial at no cost from the SEC’s website at www.sec.gov.

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. These forward-looking statements relate to, among other things, expectations regarding the low-cost core deposit base, diversification of the loan portfolio, expansion of market share, capital to support growth, strengthened opportunities, enhanced value, geographic expansion, and statements about the proposed transaction being immediately accretive. 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, Territorial 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. The closing of the proposed transaction is subject to regulatory approvals, the approval of Territorial Bancorp stockholders, and other customary closing conditions. There is no assurance that such conditions will be met or that the proposed merger will be consummated within the expected time frame, or at all. If the transaction is consummated, 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 Bancorp and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; 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; and required governmental approvals of the merger may not be obtained on its proposed terms and schedule, or without regulatory constraints that may limit growth. Other risks and uncertainties include, but are not limited to: possible further deterioration in economic conditions in Hope Bancorp’s or Territorial 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 or Territorial 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 or Territorial Bancorp; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of either or both parties to the proposed transaction; and diversion of management’s attention from ongoing business operations and opportunities. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial Bancorp’s most recent Annual Reports on Form 10-K. Hope Bancorp and Territorial Bancorp do not undertake, and specifically disclaim 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.

About Us

Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii, and has 28 branch offices in the state of Hawaii. For additional information, please visit https://www.tsbhawaii.bank.

Investor / Media Contacts:
Walter Ida
SVP, Director of Investor Relations
808-946-1400
walter.ida@territorialsavings.net

FAQ

When is the new date for Territorial Bancorp's Special Meeting of Stockholders?

The new date for Territorial Bancorp's (TBNK) Special Meeting of Stockholders is November 6, 2024 at 8:30 a.m., Hawaii time.

What is the purpose of Territorial Bancorp's Special Meeting of Stockholders?

The purpose of the Special Meeting is to vote on Territorial Bancorp's (TBNK) proposed merger with Hope Bancorp, Inc. (HOPE).

Why did Territorial Bancorp postpone its Special Meeting of Stockholders?

Territorial Bancorp (TBNK) postponed the Special Meeting to allow the Board of Directors and management team more time for discussions with stockholders regarding the pending Hope Bancorp merger.

What is the record date for stockholders entitled to vote at Territorial Bancorp's Special Meeting?

The record date for stockholders entitled to vote at Territorial Bancorp's (TBNK) Special Meeting remains unchanged at August 14, 2024.