Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events

Subsequent Events

(18)    Subsequent Events

Hope Bancorp Merger Agreement

On April 26, 2024, Hope Bancorp, Inc., a Delaware corporation (“Hope Bancorp”), and Territorial Bancorp Inc., a Maryland corporation (“Territorial Bancorp”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Under the terms of the merger agreement, Territorial Bancorp shareholders will receive a fixed exchange ratio of 0.8048 share of Hope Bancorp common stock in exchange for each share of Territorial Bancorp common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.6 million, based on the closing price of Hope Bancorp’s common stock on April 26, 2024. The transaction is intended to qualify as a tax-free reorganization for Territorial Bancorp shareholders.

The transaction is subject to regulatory approvals, the approval of Territorial Bancorp shareholders, and the satisfaction of other customary closing conditions.