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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

February 28, 2025
Date of Report (Date of earliest event reported)

HOPE BANCORP INC
(Exact name of registrant as specified in its charter)
Delaware000-5024595-4849715
(State of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

3200 Wilshire Boulevard, Suite 1400
Los Angeles, California 90010
(Address of principal executives offices, including zip code)

(213) 639-1700
(Registrant’s telephone number, including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Common Stock,par value $0.001 per shareHOPENASDAQ Global Select Market
(Title of class)(Trading Symbol)(Name of exchange on which registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 8.01 Other Events.

As previously announced, on April 26, 2024, Hope Bancorp, Inc., a Delaware corporation (the “Company”), and Territorial Bancorp Inc., a Maryland corporation (“Territorial”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Territorial will merge with and into the Company, with the Company continuing as the surviving entity (the “Merger”). Following the Merger, Territorial Savings Bank, a wholly owned subsidiary of Territorial, will merge with and into Bank of Hope, a wholly owned subsidiary of the Company, with Bank of Hope continuing as the surviving bank (the “Bank Merger”).

On March 3, 2025, the Company and Territorial issued a joint press release announcing receipt of all required regulatory approvals for the Merger and the Bank Merger. Completion of the Merger and the Bank Merger remain subject to the satisfaction of customary closing conditions set forth in the Merger Agreement. The Merger is currently expected to be completed in April 2025.

A copy of the joint press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.


Item 9.01 Financial Statements and Exhibits

(d) Exhibits
Exhibit No.Description of Exhibit
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HOPE BANCORP, INC.
Date: March 3, 2025By:/s/ Kevin S. Kim
Kevin S. Kim
Chairman, President and Chief Executive Officer




imagea.jpg
News Release

HOPE BANCORP RECEIVES REGULATORY APPROVALS
FOR ITS MERGER WITH TERRITORIAL BANCORP


LOS ANGELES AND HONOLULU, March 3, 2025—Hope Bancorp, Inc. (“Hope Bancorp”) (NASDAQ: HOPE), the holding company of Bank of Hope, and Territorial Bancorp Inc. (“Territorial”) (NASDAQ: TBNK), the holding company of Territorial Savings Bank, today jointly announced receipt of all required regulatory approvals to complete their previously announced merger (the “Merger”). Upon completion of the Merger, it is intended that the legacy Territorial franchise in Hawai‘i 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. The combination of the two banks is expected to create the largest regional bank catering to multi-cultural customers across the continental United States and the Hawaiian Islands.

“We are very pleased to have received the required regulatory approvals,” stated Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp. “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. We look forward to building on Territorial’s legacy of exemplary customer service and support of local communities in a strategically important market.”

“This combination effectively enhances the opportunity to grow Territorial’s market share and elevate the customer experience by leveraging the combined company’s larger balance sheet, greater resources and more extensive array of banking products and services,” said Allan S. Kitagawa, Chairman, President and Chief Executive Officer of Territorial. “We expect a seamless transition for our customers, and we believe our employees and shareholders stand to enjoy greater long-term benefits as part of a larger organization.”

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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2-2-2                                     NASDAQ:HOPE & NASDAQ:TBNK

About Hope Bancorp, Inc.
Hope Bancorp, Inc. (NASDAQ: HOPE) is the holding company of Bank of Hope, the first and only super regional Korean American bank in the United States with $17.05 billion in total assets as of December 31, 2024. Headquartered in Los Angeles and serving a multi-culture population of customers across the nation, the Bank provides a full suite of commercial, corporate and consumer loans, including commercial and commercial real estate lending, SBA lending, residential mortgage and other consumer lending; deposit and fee-based products and services; international trade financing; and cash management services, foreign currency exchange solutions, and interest rate derivative products, among others. Bank of Hope operates 46 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Alabama, and Georgia. The Bank also operates SBA loan production offices, commercial loan production offices, and residential mortgage loan production offices in the United States; and a representative office in Seoul, 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 www.bankofhope.com. 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.

About Territorial Bancorp Inc.
Territorial Bancorp Inc. (NASDAQ: TBNK), headquartered in Honolulu, Hawai‘i, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawai‘i. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawai‘i and has 29 branch offices in the state of Hawai‘i. For additional information, please visit Territorial’s website at: https://www.tsbhawaii.bank. By including the foregoing website address link, Territorial 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, each of Hope Bancorp and Territorial claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Hope Bancorp and Territorial’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The closing of the Merger is subject to customary closing conditions. There is no assurance that such conditions will be met or that the pending Merger will be consummated within the expected time frame, or at all. If the transaction is consummated, 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 or Territorial’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 or Territorial’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 or Territorial; the risk that any announcements relating to the pending transaction could have adverse effects on the market price of the common stock of Hope Bancorp or Territorial; diversion of either bank’s management’s attention from ongoing business operations and opportunities; and risks from natural disasters. For additional information concerning these and other risk factors, see Hope Bancorp’s and Territorial’s most recent Annual Report on Form 10-K. Each of Hope Bancorp and Territorial 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.

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3-3-3                                     NASDAQ:HOPE & NASDAQ:TBNK

Contacts:
For Hope Bancorp, Inc.For Territorial Bancorp Inc.
Julianna Balicka
Walter Ida
EVP & Chief Financial Officer
SVP, Director of Investor Relations
213-235-3235
808-946-1400
julianna.balicka@bankofhope.com
walter.ida@territorialsavings.net
Angie Yang
SVP, Director of Investor Relations & Corporate Communications
213-251-2219
angie.yang@bankofhope.com


# # #

v3.25.0.1
Document And entity Information
Feb. 28, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 28, 2025
Entity Registrant Name HOPE BANCORP INC
Entity Incorporation, State or Country Code DE
Entity File Number 000-50245
Entity Tax Identification Number 95-4849715
Entity Address, Address Line One 3200 Wilshire Boulevard, Suite 1400
Entity Address, City or Town Los Angeles
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90010
City Area Code 213
Local Phone Number 639-1700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol HOPE
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001128361
Amendment Flag false
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