Territorial Bancorp reaffirms commitment to Hope Bancorp merger

Territorial Bancorp (TBNK) reaffirmed the commitment of its board of directors to the proposed merger with Hope Bancorp (HOPE) that was announced on April 29. The announcement was made in response to an unsolicited proposal from Blue Hill Advisors to acquire Territorial. “The unsolicited letter from Blue Hill claims to provide a nominally higher purchase price, but there are significant factors making the proposal highly uncertain and inferior to the merger agreed upon with Hope,” said Allan S. Kitagawa, Chairman, CEO and President of Territorial. “The Territorial Board carefully considered the proposal on two separate occasions, and after weighing the advice of independent legal and financial advisors, the Board rejected the proposal. In comparison to the Hope merger, where we have an experienced acquiror and a fully negotiated merger agreement, and where all required regulatory applications have been made and are being processed, and no third-party financing is required, the Blue Hill proposal is highly speculative. We again urge shareholders to vote “yes” in favor of the proposed merger with Hope Bancorp.”