Welcome to our dedicated page for Territorial Bancorp news (Ticker: $TBNK), a resource for investors and traders seeking the latest updates and insights on Territorial Bancorp stock.
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Territorial Bancorp Inc. reported a net loss of $482,000 for the first quarter of 2024, with tier one leverage and risk-based capital ratios at 11.58% and 28.84% respectively. The company's liquidity position remains strong with $90 million in cash balances. Additionally, the merger agreement with Hope Bancorp, Inc. values the transaction at approximately $78.6 million.
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.
