BBCN and Wilshire Complete Merger of Equals Creating the

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
BBCN and Wilshire Complete Merger of Equals Creating the Only Super Regional Korean-American Bank in the U.s.

-- Company and Bank Subsidiary Rebranded as Hope Bancorp, Inc. and Bank of Hope --

-- Anticipates Trading Under New Stock Ticker Symbol “HOPE” Effective August 1, 2016 --

LOS ANGELES, July 29, 2016 (GLOBE NEWSWIRE) -- 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

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Leapora's Taskeen: Redefining Task Accountability

Updated Category News Views 5

AI's Impact on Workplace Task Management In today’s whirlwind of AI-generated output, transparency is not just a luxury; it’s a necessity. AI systems churn out work that can appear polished but often lacks substance. This doesn't just create headaches; it triggers a ticking bomb in the regulatory department. According to a 2025 survey from Stanford and BetterUp Labs,...

Continue Reading
Cracking the Code of America's Delivery Addiction

Updated Category News Views 4

America's New Obsession: Convenience at a Cost Diving into the relentless hustle, Americans are shelling out big bucks to dodge life's mundane chores. A fresh survey dished out by FinanceBuzz, hitching a ride with Bank of America, gives us a peek into how hooked everyone is on convenience services like food and grocery deliveries. It’s clear people are ready to fork...

Continue Reading
HTX's Strategic Moves in Pakistan: A Crypto Frontier

Updated Category News Views 7

Paving the Way: HTX's Journey in Pakistan Rolling into the Pakistan cryptocurrency scene isn't just a 'walk in the park' for HTX—it's more like traversing a new frontier with an open map. This isn’t some hit-and-run operation; HTX is strategizing for a long haul in one of the liveliest digital market arenas in South Asia. Gathering steam with community AMAs and an X...

Continue Reading
FJBio Boosts Antibody Discovery with Sapio AI

Updated Category News Views 5

In the sprawling world of antibody discovery, where every scrap of data can make or break the next big breakthrough, FairJourney Bio (FJBio) is pulling out all the stops. They've teamed up with Sapio Sciences to ditch the paperwork nightmares and usher in a new era of AI-driven efficiency. With operations stretching from Porto to Cambridge to sunny San Diego, they’re...

Continue Reading
Compass Unveiled: Power Revolution in Private Equity

Updated Category News Views 8

AI-Driven Insights: Revolutionizing Private Equity Strategies Now this is some spicy news from Huntington Beach! Collective just pulled back the curtain on Compass, their AI-fueled platform that's set to shake up how financial advisors tackle private company equity. If you're an advisor who's sick of staring at nebulous balance sheets filled with unquantifiable private...

Continue Reading
Dr. Desi Bartlett Teams Up with Glo for Perimenopause Focus

Updated Category News Views 4

Glo Taps Top Wellness Expert for Women's Health Initiative In an industry brimming with wellness voices, it's rare to find one that marries scholarly acumen with authentic, personal teaching. Yet, this is precisely what Dr. Desi Bartlett brings to the table as she partners with Glo to offer new fitness programming specifically targeting women facing perimenopause and...

Continue Reading
The Chemical Industry and EPA: A Broken System?

Updated Category News Views 6

Decades of an Unchecked Revolving Door The Environmental Protection Agency (EPA) and chemical manufacturers—a dance that’s been going on for what seems like forever. But not in the way you might hope. We're talking about a revolving door where execs and lobbyists waltz into regulatory chairs while regulators slide into cushy industry gigs. Wisner Baum LLP, a stickler...

Continue Reading
K-Beauty Takes Front Stage at Target Beauty Studio

Updated Category News Views 5

Making Waves in the U.S. with K-Beauty SUNGBOON EDITOR and Milk Touch just rolled into Target Beauty Studio, making a splash in the world of K-beauty. From ingredients that boast serious benefits to playful cosmetics that let you express yourself, these brands are shaking up American beauty routines in a big way. Ingredient-Focused Skincare for Every American Face...

Continue Reading
AI-Driven Lumi Transforms Car Dealership Interactions

Updated Category News Views 8

Lumi: Changing the Car Buying Game Picture this: You're browsing for a new car, head filled with specifics like towing capacity, price points, and trim options. Usually, such queries would send you bouncing around the web, but Lectrium's Lumi promises to keep the questioning—and decision-making—right on the dealership's page. In a move set to shake up the game,...

Continue Reading
Sean Trahan Joins Citrin Cooperman: New Tax Lead

Updated Category News Views 8

Citrin Cooperman's Strategic Tax Move If there's one phrase that can spark a debate at a financial water cooler, it's 'transfer pricing.' Today, Citrin Cooperman is throwing its hat further into that ring with the appointment of Sean Trahan as head of their new Transfer Pricing and Value Chain Optimization Practice. This isn't just another reshuffling of office...

Continue Reading

Top 5 Most Recently Viewed Articles

Sampo plc Expands Share Buyback Program to EUR 475 Million

Updated Category News Views 98

Sampo plc Boosts Share Buyback Program Sampo plc has recently made a significant decision to enhance its share buyback program, demonstrating its dedication to delivering value to its shareholders. The company has raised the total funds allocated for buybacks from EUR 400 million to a remarkable EUR 475 million. This move reflects Sampo's adaptable financial strategies...

Continue Reading
Fundraising Milestone: bioAffinity Technologies Secures $1.2M

Updated Category News Views 142

bioAffinity Technologies Completes Successful Capital Raise bioAffinity Technologies, Inc. has made a significant step forward by securing approximately $1.2 million. This achievement comes through a private placement of shares and a concurrent warrant inducement transaction. The firm, recognized for its focus on noninvasive tests for early-stage cancer detection, has...

Continue Reading
Gran Tierra Energy's i3 Energy Acquisition Approved by Shareholders

Updated Category News Views 79

Gran Tierra Energy Inc. Secures Shareholder Approval for i3 Energy Acquisition Gran Tierra Energy Inc. (“Gran Tierra”) is excited to share that i3 Energy plc's shareholders have given their stamp of approval for the acquisition of i3 Energy. This significant milestone marks a major step forward for Gran Tierra as it continues to expand its footprint in the energy...

Continue Reading
Exploring the Growth of Single-Use Bioreactors by 2034

Updated Category News Views 148

Understanding the Expanding Single-Use Bioreactors Market The global market for single-use bioreactors is undergoing significant transformations, projected to expand from USD 4.42 billion in 2024 to an impressive USD 10.42 billion by 2034, growing at a remarkable compound annual growth rate (CAGR) of 9.0%. This transformation indicates a robust demand for innovative and...

Continue Reading
Leadership Change at Tecan as CFO Tania Micki Moves On

Updated Category News Views 307

Leadership Change at Tecan Group Tecan Group has confirmed that Chief Financial Officer Tania Micki will be departing from the company as she embarks on a new professional journey. Tania has been a pivotal member of the Management Board since February 2020, making substantial contributions to the company's financial operations. A Smooth Transition Ahead In a bid to ensure...

Continue Reading