Territorial Bancorp shareholders approve Hope Bancorp merger

Territorial Bancorp (TBNK) announced that its shareholders voted to approve the Company’s proposed merger with Hope Bancorp, Inc. (HOPE) at the Special Meeting of Territorial Stockholders held Wednesday. Territorial shareholders’ support for the Hope Bancorp merger underscores the value it delivers and the benefits it creates for customers, employees and communities across Hawai’i. Through this all-stock merger, Territorial shareholders will be able to participate in the significant upside value creation of a scaled, more diversified regional bank with an attractive dividend and compelling growth opportunities. Territorial customers can expect a seamless transition, with a continued focus on relationship banking, personalized service and tailored financial solutions. “We expect our combination with Bank of Hope to strengthen Territorial for the long term, providing many advantages for our customers and employees as we become part of a larger organization with greater resources, enhanced technology platforms, and an expanded array of banking products and services,” said Allan S. Kitagawa, Chairman, CEO and President of Territorial. “We greatly appreciate the hard work of our employees and their unwavering commitment to delivering outstanding service as we progress toward the closing of this transaction.” As previously announced, closing of the transaction remains subject to customary regulatory approvals and closing conditions.