ABA-Hope to buy Territorial Bancorp, UMB to purchase Heartland Financial
May 01, 2024 at 06:59 am EDT
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Hope Bancorp in Los Angeles has agreed to buy Territorial Bancorp in Honolulu. The $18.1 billion-asset Hope said in a news release that it will pay $78.6 million in stock for the $2.2 billion-asset Territorial. The deal is expected to close by the end of the year. Once completed, the transaction will leave just six FDIC-insured banks chartered in the island state, according to FDIC data.
UMB Financial in Kansas City, Missouri, has agreed to buy Heartland Financial USA in Denver. The $45.1 billion-asset UMB said in a news release that it will pay $2 billion in stock for the $19.4 billion-asset Heartland. The deal is expected to close in the first quarter.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
Hope Bancorp, Inc. is the holding company of Bank of Hope (the Bank). The Company's loan portfolio segments include commercial real estate (CRE) loans, commercial and industrial (C&I) loans, residential mortgage loans, and consumer and other loans. CRE loans are extended for the purchase and refinance of commercial real estate and are generally secured by first deeds of trust and are collateralized by residential or commercial properties. C&I loans are loans provided to businesses for various purposes such as for working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance activities, and other business related financing needs, and also include syndicated loans. Residential mortgage loans are extended for personal, family, or household use and are secured by a mortgage or deed of trust. Consumer and other loans consist of home equity, credit cards, and other personal loans. It operates over 54 full-service branches in the United States.