Regional Korean American bank Hope Bancorp (HOPE), and Hawaii-based Territorial Bancorp (TBNK) entered into an all-stock merger agreement on April 29, valued at $78.6 million, to expand its reach across the continental United States and the Hawaiian Islands.
Under the terms of the merger agreement, Territorial shareholders will receive 0.8048 shares of Hope Bancorp common stock in exchange for each Territorial share they hold, valued at $8.82 per share, representing a premium of 24.75% based on Territorial’s last close.