BBCN and Wilshire Complete Merger of Equals Creating the Only Super Regional Korean-American Bank in the U.s.
July 29 2016 - 4:05PM
-- Company and Bank Subsidiary Rebranded
as Hope Bancorp, Inc. and Bank of Hope --
BBCN Bancorp, Inc. (NASDAQ:BBCN) and Wilshire Bancorp, Inc.
(NASDAQ:WIBC) today announced the completion of their merger of
equals that will take effect as of the close of business
today. The transformational combination creates the only
super regional Korean-American bank in the United States, with
total assets of approximately $13.2 billion, gross loans of
approximately $10.4 billion and total deposits of approximately
$10.6 billion.
As previously announced, the combined entity will operate under
the new name of “Hope Bancorp, Inc.” at the holding company level,
and the combined bank operations of the wholly owned subsidiaries
will operate under the new banner of “Bank of Hope.” It is
expected that Hope Bancorp will start trading under the new stock
ticker symbol, “HOPE,” effective as of market open on Monday,
August 1, 2016.
“We are extremely excited to complete this transformational
merger and embark on our new journey as the representative
enterprise of the Korean-American banking industry,” said Kevin S.
Kim President and Chief Executive Officer of Hope Bancorp and Bank
of Hope. “We believe our new name and flag-like logo instill
a sense of pride and optimism for the future. The bars, which
form a hidden ‘H,’ symbolize the relationships between Bank of Hope
and all of its constituents and exemplify elevated steps and
forward progress. The colors of our logo include a mix of
blues to personify the strength of our Bank, greens to embody
growth, and yellows to symbolize opportunities in Hope. The
gradient colors built with blue-green, green and yellow-green are
unique to us. We call this expression of color ‘Hope
Green.’ Bank of Hope will serve as a cornerstone for
Korean-American communities across the United States, and we look
forward to introducing our new brand to our customers, communities
and shareholders.”
“Bank of Hope is an unrivaled organization with the only
nationwide platform providing full banking services in all of the
top major geographic markets with sizeable Korean-American
communities in the United States,” said Steven S. Koh, Chairman of
the Board of Hope Bancorp and Bank of Hope. “Coupled with a
comprehensive offering of products and services for our customer
base, we are confident that Bank of Hope is well positioned to
deliver long-term benefits for all of our stakeholders, including
our customers, our employees, our communities and our shareholder
base.”
Pursuant to the merger agreement, Wilshire Bancorp shareholders
have the right to receive 0.7034 shares of Hope Bancorp for each
share of Wilshire Bancorp common stock they own.
The former BBCN Bancorp was advised by the investment banking
firm of Keefe, Bruyette, & Woods, Inc., a Stifel Company, as
well as the law firm of Morrison & Foerster LLP. The
former Wilshire Bancorp was advised by the investment banking firm
of Sandler O’Neill + Partners, L.P. and the law firm of Hunton
& Williams LLP. Landor provided strategic brand
consulting and design services for the development of the new Hope
Bancorp and Bank of Hope brand, complete with visual identity and
tagline.
About Hope Bancorp, Inc.
Hope Bancorp, Inc. is the holding company of Bank of Hope, the
first and only super regional Korean-American bank in the United
States with more than $13 billion in total assets as of July 30,
2016. Formed through the merger of BBCN Bank and Wilshire
Bank, the top two commercial lenders in the market, Bank of Hope is
headquartered in Los Angeles and serves a multi-ethnic population
of customers across the nation. Bank of Hope operates 85
full-service branches in California, Washington, Texas, Illinois,
New York, New Jersey, Virginia, Georgia and Alabama. The Bank
also operates SBA loan production offices in Seattle, Denver,
Dallas, Atlanta, Northern California, Annandale, Virginia,
Portland, Oregon and Fremont, California; residential mortgage loan
production offices in California; and a representative office in
Seoul, Korea. Bank of Hope specializes in core business
banking products for small and medium-sized businesses, with an
emphasis in commercial real estate and commercial lending, SBA
lending and international trade financing. 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 bankofhope.com.
Forward-Looking Statements
This press release may contain forward-looking statements. These
statements are based on current expectations, estimates, forecasts
and projections and management assumptions about the future
performance of the combined company, as well as the businesses and
markets in which the combined company operates and is expected to
operate. These statements constitute forward-looking statements
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995, involve certain risks, uncertainties and assumptions
that are difficult to assess and are not guarantees of future
performance and. Actual outcomes and results may differ
materially from what is expressed or forecasted in such
forward-looking statements. Readers should carefully review the
risk factors and the information that could materially affect the
Company’s financial results and business, described in documents
the Company files from time to time with the Securities and
Exchange Commission, including its quarterly reports on Form 10-Q
and Annual Reports on Form 10-K, and particularly the discussions
of business considerations and certain factors that may affect
results of operations and stock price set forth therein. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company undertakes no obligation to revise or publicly release
the results of any revision to these forward-looking
statements.
Contact:
Angie Yang
SVP, Director of Investor Relations &
Corporate Communications
213-251-2219
angie.yang@bankofhope.com
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