Hope Bancorp Receives Regulatory Approvals For Merger With Territorial Bancorp
Hope Bancorp, Inc. and Territorial Bancorp Inc. have received all necessary regulatory approvals for their merger, expected to create the largest regional bank. The merger will enhance loan diversification with a residential mortgage portfolio. Hope shares have fallen 16.58% to $9.11. The merger is anticipated to be completed by April 2025, pending customary closing conditions.
Hope Bancorp, Inc. (HOPE), the holding company of Bank of Hope, and Territorial Bancorp Inc. (TBNK), the holding company of Territorial Savings Bank, Monday jointly announced receipt of all required regulatory approvals to complete their previously announced merger. The combination of the two banks is expected to create the largest regional bank.
Hope shares are falling 16.58 percent at $9.11.
Upon completion of the Merger, the legacy Territorial franchise in Hawai'i will operate under the trade name Territorial Savings, a division of Bank of Hope.
The combination will offer the diversification of loan mix with the addition of a residential mortgage portfolio.
The Merger is expected to be completed at the beginning of April 2025, subject to the satisfaction of customary closing conditions.
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