Latest news with #Territorial
Business Journals
23-04-2025
- Business
- Business Journals
Territorial Savings' new holding company Hope Bancorp reports Q1 earnings, merger impact
Hope Bancorp Inc. shared preliminary estimates on what its merger with Territorial Savings means for the company. Story Highlights Hope Bancorp discussed its acquisition of Territorial Savings Bank during its Q1 earnings call. Hope acquired Territorial in a $78.6 million deal that closed April 2. Hope Bancorp CEO Kevin Kim said the company is excited to build on "territorial's storied history." Hope Bancorp Inc. shared preliminary estimates Tuesday on what its $78.6 million acquisition of Hawaii's Territorial Bancorp Inc., in a deal that closed this month, means for the company. "We are excited by the enhanced opportunities of our combined future and look forward to building on Territorial's storied history," Kevin Kim, Hope Bancorp chairman, president and CEO, told investors during an earnings call Tuesday morning. In its first quarter earnings report, Hope Bancorp (Nasdaq: HOPE) reported net income of $21.1 million, or 17 cents per diluted common share, for the quarter ending March 31. Excluding notable items, net income for the first quarter was $22.9 million, or 19 cents per diluted common share. At the same period last year, Hope reported a net income of $25.9 million, or $0.21 per diluted common share. As of the merger close on April 2, Hope said Territorial contributed about $1.7 billion of stable low-cost deposits at a weighted average cost of 1.96% and about $1 billion, after accounting discounts, of residential mortgage loans with pristine asset quality. "Purchase accounting adjustments are preliminary, and we estimate deposits and loans net of fair value adjustments," Angie Yang, Hope Bancorp senior vice president and director of investor relations and corporate communications, said during the call. As part of the Territorial acquisition, Hope issued nearly 7 million shares worth $73 million. Hope said that at the transaction's closing, Territorial had $87 million in cash and cash equivalents and its investment securities portfolio was sold at a market value of $531 million. Additionally, most of Territorial's $161 million in Federal Home Loan Bank borrowings was paid off leaving a remainder of $36 nonperforming assets totaled less than $2 million. Hope expects one-time merger charges of $18 million in the next quarter due to the acquisition. Its updated income accretion income expectations for 2025 are $14 million. Ending March 31, Hope's total deposits were $14.5 billion, a 1% increase from the prior quarter. In Q1 last year, total deposits were $14.8 billion. The company reported $17.07 billion in assets.
Yahoo
07-04-2025
- Entertainment
- Yahoo
Mexican President Reacts to Fatal Accident at AXE Ceremonia Festival: ‘There Should Be No Impunity'
Mexican president Claudia Sheinbaum expressed her condolences on Monday (April 7) over the deaths of two photographers on Saturday (April 5) during the AXE Ceremonia music festival in Mexico City. The president said her government would review the license granted to the venue at Parque Bicentenario. 'We regret and send our solidarity to the families of those who lost their lives in this accident,' Sheinbaum said during her morning press conference. 'Beyond the fact that it was an accident, we need to look into how the equipment that fell was set up. An investigation needs to be carried out. There should be no impunity in this case.' More from Billboard AXE Ceremonia Festival in Mexico Suspended After Crane Collapse Leaves Two Dead Dave Allen, Former Gang of Four Bassist, Dies at 69 'Billy Joel: And So It Goes' Documentary Set for 2025 Tribeca Festival Premiere Photographers Miguel Ángel Rojas Hernández and Citlali Berenice Giles Rivera died over the weekend when a crane carrying a decorative metal object collapsed during the festival. The accident prompted city authorities to cancel the second day of the event on Sunday (April 6). The attorney general's office of Mexico City announced the start of an investigation.. Sheinbaum noted that the mayor's office of Miguel Hidalgo, the borough where Parque Bicentenario is located, is responsible for authorizing such events, regardless of the federal ownership of the property. As a result, she instructed the Secretariat of Agrarian, Territorial, and Urban Development (SEDATU) to review the venue's license, assess the conditions under which it was granted, and determine whether it is feasible to revoke their license. Earlier on Monday, the AXE Ceremonia festival released a statement on the fatal accident, extending its condolences to the victims' loved ones. 'From the very first moment, we have been by the families' side, providing them with all the support and assistance we can,' it reads. British band Massive Attack, who, along with rapper Tyler, the Creator, headlined the festival on Sunday, joined in expressing their condolences on social media over the deaths of the photographers. 'We are shocked and saddened by the tragic and avoidable deaths of Berenice Giles and Miguel Hernández. Our thoughts are with their families and friends during this difficult time,' the band said in their Instagram Stories. On Sunday (April 6), friends of the two victims, photographers, journalists, content creators, and members of the public held a protest outside Parque Bicentenario to honor them and demand that there be no impunity in the investigation. 'There wasn't any clarity about what had happened until we left the event. It's absolutely devastating,' Mexican artist Luisa Almaguer, who performed as part of Saturday's lineup at AXE Ceremonia, told Billboard Español. 'The show definitely should not have continued.' On Monday, the funerals for Miguel Ángel Rojas and Berenice Giles were held in Mexico City, according to reports from the N+ Foro news channel. Best of Billboard Chart Rewind: In 1989, New Kids on the Block Were 'Hangin' Tough' at No. 1 Janet Jackson's Biggest Billboard Hot 100 Hits H.E.R. & Chris Brown 'Come Through' to No. 1 on Adult R&B Airplay Chart
Yahoo
04-04-2025
- Business
- Yahoo
Hope Bancorp completes merger with Territorial
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Los Angeles-based Hope Bancorp has completed its merger with Honolulu-based Territorial Bancorp, Hope announced Wednesday. Hope received regulatory nod last month – nearly a year after the lender announced its intention to buy Territorial for $78.6 million in stock. Territorial Savings Bank will operate as Territorial Savings, a unit of Bank of Hope, the company said. 'We are excited to have completed this combination and to officially welcome Territorial customers and team members to the Bank of Hope family,' Kevin S. Kim, CEO of $17 billion-asset Hope Bancorp, said in a statement. Bank of Hope has become the largest regional bank catering to multicultural customers across the continental U.S. and Hawaii with the merger's completion, he added. Territorial shareholders will receive 0.8048 shares of Hope Bancorp common stock in exchange for each share of Territorial common stock they own, according to the press release. The deal was expected to close by the end of 2024 but faced challenges. Hope's bid for Territorial was followed by an offer from Blue Hill Advisors last August. The investor group swooped in with a $12-per-share cash offer and later bumped it up to $12.50 per share – compared with the $8.82-per-share, all-stock offer from Hope. Territorial rejected Blue Hill's advances three times and postponed a shareholder vote by nearly a month to continue discussions with investors and urge them to back the acquisition by Hope. The Hawaii bank's shareholders did, and reiterated their commitment to the lender's offer. The roughly $2.17 billion-asset Territorial, which has 28 branches throughout Honolulu, will expand Hope's footprint and its reach, targeting Asian-American and Pacific Islander communities. Hope Bancorp focuses on the Korean-American market, with 46 branches in California, Washington, Texas, Illinois, New York, New Jersey, Alabama, and Georgia. In a note last month analysts at Keefe, Bruyette & Woods said Territorial 'add[s] low-cost, granular deposits, which remains a core strategy for Hope.' Recommended Reading NJ's Provident, Lakeland to merge in $1.3B deal Sign in to access your portfolio
Yahoo
02-04-2025
- Business
- Yahoo
Hope Bancorp closes drawn-out deal to buy Hawaii bank
Hope Bancorp closed its acquisition of Territorial Bancorp in Honolulu on Wednesday, culminating a lengthy and at times controversial deal process. When the Los Angeles-based Hope announced the all-stock deal in April 2024, it had expected to close it by the end of the year. But its $78.6 million offer was challenged by a competing bid from an investor group led by Blue Hill Advisors and former Bank of Hawaii CEO Allan Landon. The Blue Hill-led group initially made a cash bid in August that valued Territorial at $12 per share and then upped that offer to $12.50 per share, about 50% more than Hope's estimated price tag. "We think our offer is clearly superior," Landon told American Banker last fall. But Territorial's board of directors ultimately rejected the competing offer, saying it was "inferior" to Hope's because it presented a range of uncertainties. These included a lack of evidence that the competing offer would get prompt regulatory approval. Territorial noted it would have to pay Hope a $3 million termination fee to pursue the investor group's offer, and it said the deal with Hope also prevented it from considering competing offers that were not clearly superior. Ultimately, Territorial's shareholders voted in favor of the sale to Hope in November, with more than 5 million votes cast for the deal versus 1.9 million against it. Regulators approved the transaction in March. "We are excited to have completed this combination and to officially welcome Territorial customers and team members to the Bank of Hope family," Kevin Kim, Hope's chairman and CEO, said in a statement Wednesday. With the acquisition, Hope gains about $2 billion of assets and entrance to Hawaii. It now is a $19 billion-asset bank with about 80 branches in nine states. About 30 of those branches are in Hawaii. Hope has traditionally focused on Korean-American communities. "We believe this combination will strengthen our position as one of the leading Asian-American banks in the country, add a stable, low-cost deposit base to the combined company, and accelerate the diversification of our loan mix with the addition of a residential mortgage portfolio with excellent asset quality," Kim said in a statement last month after securing regulators' go-ahead. "We look forward to building on Territorial's legacy of exemplary customer service and support of local communities in a strategically important market," he added. Hope said in the release Wednesday that the former Territorial Savings Bank now operates under the trade name Territorial Savings, a division of Bank of Hope. Hope kept the name to preserve "the 100-plus year legacy of the Territorial brand, culture and commitment to local communities," it said. Territorial was the fifth largest deposit-holder in Hawaii, according to the Federal Deposit Insurance Corp. The merger creates the largest regional bank catering to multi-ethnic customers across the continental U.S. and the Hawaiian Islands, Hope said. When the deal was announced, Hope said it expected the transaction to be about 6% dilutive to its tangible book value, and that it would earn back the dilution in three years. Hopet had also estimated that its shareholders would own about 94.4% of the combined entity, while Territorial shareholders would own about 5.6%.
Associated Press
02-04-2025
- Business
- Associated Press
Hope Bancorp Completes Merger With Territorial Bancorp
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 for Bank of Hope and 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. Julianna Balicka 213-235-3235 Angie Yang 213-251-2219 INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: Hope Bancorp, Inc. Copyright Business Wire 2025. PUB: 04/02/2025 06:30 AM/DISC: 04/02/2025 06:30 AM
