Eli Lilly and Insilico Medicine Forge $2.75 Billion AI-Driven Drug Discovery Deal 
Jefferies Upgrades Sodexo to Buy With €55 Target After Historic CEO Appointment 
BlackRock CEO Larry Fink Earns $37.7 Million in 2025 Amid Record Growth 
Europe's Aviation Sector on Track to Meet 2025 Green Fuel Mandate 
Ukrainian Drones and the #MadeByHousewives Movement: Kyiv Fires Back at Rheinmetall CEO 
SMIC Allegedly Supplies Chipmaking Tools to Iran's Military, U.S. Officials Warn 
Microsoft Eyes $7B Texas Energy Deal to Power AI Data Centers 
Cybersecurity Stocks Tumble After Anthropic's Claude Mythos AI Leak Sparks Market Fears 
Cathay Pacific Holds Firm on Flight Capacity Amid Middle East Conflict and Rising Fuel Costs 
Unilever and Magnum Face Defamation Lawsuit Over Ben & Jerry's Board Chair Dismissal 
SoftwareONE Posts 22.5% Revenue Surge in 2025 on Crayon Acquisition 
CTOC Adds 3,000 Doctors, 500 Hospitals Ahead of Liquidity Push 
McDonald's and Restaurant Brands International Face Headwinds Amid Iran Conflict and Rising Costs 
Nike Beats Q3 Estimates but China Weakness and Margin Pressure Weigh on Outlook 
Brazil Meat Exports Weather Iran War Disruptions With Rerouted Shipments 
Fonterra Admits Anchor Butter "Grass-Fed" Label Misled Consumers After Greenpeace Lawsuit 
TSMC Japan's Second Fab to Produce 3nm Chips by 2028 
LOS ANGELES, Dec. 29, 2016 -- Hope Bancorp, Inc. (NASDAQ:HOPE), the holding company of Bank of Hope, today announced the second and final phase of its branch optimization plan following the successful merger of BBCN Bank and Wilshire Bank which includes an additional nine branch consolidations to be completed by the second quarter of 2017.
The second phase of branch consolidations will impact six branches in Southern California, two branches in the New York/New Jersey markets and one branch in Illinois. All but two of the branches are within one mile’s distance to another Bank of Hope branch. Following the second phase of branch consolidations and the previously announced opening of the second branch in Houston in the Spring of 2017, Bank of Hope will have 65 full-service branches throughout the United States.
The company expects one-time pre-tax charges related to the second phase of branch consolidations to total approximately $1.2 million and be incurred by the first half of 2017. Projected savings are anticipated to be approximately $5 million pre-tax on an annual basis.
In aggregate, the Company’s post-merger branch consolidation plan will impact 21 branches and is expected to result in approximately $3.3 million in one-time pre-tax charges and approximately $16 million in projected savings pre-tax on an annual basis.
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 $13.5 billion in total assets as of September 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, and Portland, Oregon; a commercial loan production office in 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.
Contact: Angie Yang SVP, Director of IR & Corporate Communications 213-251-2219 [email protected]
