ISS recommends Territorial Bancorp shareholders vote against Hope Bancorp merger

Blue Hill Advisors and former Hawaii banking executive Allan Landon announced that Institutional Shareholder Services, or ISS, an independent proxy advisory firm, has recommended that shareholders of Territorial Bancorp (TBNK) vote against the proposed merger between Territorial and Hope Bancorp (HOPE) at the company’s special meeting of stockholders on October 10. In its report, ISS concluded that Hope’s takeover of Territorial is not in the best interest of the Company’s shareholders: “Given the lack of a robust sales process, the fact that the merger agreement restrictions accepted by the board limit its ability to engage with a competing bidder, and the improved outlook for financial institutions, the proposed merger with HOPE does not appear to maximize value for shareholders.”