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Hope Bancorp, Inc. (NASDAQ: HOPE) declared a quarterly cash dividend of $0.14 per common share. The dividend will be paid on or about May 23, 2024, to stockholders of record as of May 9, 2024.
Hope Bancorp, Inc. (NASDAQ: HOPE) and Territorial Bancorp Inc. (NASDAQ: TBNK) have announced a definitive merger agreement to create the largest regional bank serving multi-ethnic customers across the US and Hawaiian Islands. Territorial had total assets of $2.24 billion, with Hope Bancorp acquiring Territorial at approximately $78.6 million in a stock-for-stock transaction. The merger aims to enhance core funding, diversify loan mix, grow market share, and offer a broader range of banking products. The deal is expected to be immediately accretive to Hope Bancorp's earnings and is set to close by year-end 2024, subject to regulatory approvals.
Hope Bancorp, Inc. reported net income of $25.9 million in the first quarter of 2024, a slight decrease from the previous quarter. The company's strategic transformation led to stable balances and decreased expenses. Capital ratios increased, positioning the company for growth. The signing of a merger agreement with Territorial Bancorp is expected to be immediately accretive to earnings, strengthening profitability and diversifying the franchise. The transaction values Territorial at approximately $78.6 million, with shareholders receiving a fixed exchange ratio of 0.8048 shares of Hope Bancorp stock per share of Territorial stock.
