Bank of Hope

Bank of Hope is an American bank, based in Los Angeles, that focuses on the Korean American community. The bank was first established on December 30, 1980, under the name Wilshire Bank.

Hope Bancorp, Inc.
TypePublic company
IndustryBanking
FoundedJune 5, 2000 (2000-06-05)
HeadquartersKoreatown, Los Angeles, California
Key people
  • Kevin S. Kim, President & CEO
  • Peter J. Koh, Senior Executive Vice President & COO
  • Julianna Balicka, CFO
Decrease $0.0521 billion (2022)
Total assetsIncrease $18.09 billion (2022)
Total equityIncrease $1.982 billion (2019)
Number of employees
1,545 (2022)
Websitewww.bankofhope.com
Footnotes / references
[1]
Bank of Hope (HOPE) Stock Price
See also: 2023 banking crisis

On November 30, 2011, Nara Bank, which was established in 1989, merged with Center Financial Corporation, which was established in 1986. Nara Bancorp, Inc. changed its name to BBCN Bancorp, Inc. Center Bank changed its name to BBCN Bank. BBCN was an acronym for Business Bank of Center and Nara.[2]

On February 15, 2013, the company acquired Pacific International Bancorp, the holding company for Pacific International Bank, a Washington state-chartered bank with 4 branches in the Seattle metropolitan area.[3]

In August 2013, the company acquired Foster Bankshares, Inc. and became the largest Korean-American Bank in Chicago.[4]

In July 2016, BBCN Bank and Wilshire Bank merged and were rebranded as Bank of Hope, with Hope Bancorp, Inc., as the bank holding company.[5][6]

In 2017, the bank almost acquired U & I Financial Corp, based in Seattle, but the acquisition was called off at the last minute.[7]

In August 2017, the bank opened a branch in Houston.[8]

In late 2020, the Wall Street Journal reported that the bank faced over $3 billion of loans with payment deferrals or modifications due to the COVID-19 pandemic, which represented 170% of the bank's tier-1 capital. Over 50% of the bank's assets were in the form of commercial real-estate loans, the second-highest ratio of all banks in its size class.[9]

References
  1. "Hope Bancorp, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Nara Bancorp and Center Financial Complete Merger of Equals Creating the Largest Korean American Bank in the Country" (Press release). Business Wire. November 30, 2011.
  3. "BBCN Completes Acquisition of Pacific International" (Press release). Business Wire. February 15, 2013.
  4. "BBCN Bancorp Completes Merger With Foster Bankshares" (Press release). Globe Newswire. August 13, 2013.
  5. "BBCN and Wilshire Complete Merger of Equals Creating the Only Super Regional Korean-American Bank in the U.s." (Press release). Globe Newswire. July 29, 2016.
  6. Davis, Paul (May 13, 2016). "BBCN to Rebrand as Hope Bancorp After Completing Wilshire Deal". American Banker.
  7. "Hope Bancorp Announces Acquisition of Seattle-Based U & I Financial Corp" (Press release). Globe Newswire. January 23, 2017.
  8. Witthaus, Jack (September 5, 2017). "Los Angeles-based, Korean-American bank opens second branch in Houston". American City Business Journals.
  9. Putzier, Konrad (15 September 2020). "California's Bank of Hope Was a Symbol of Success. Now It Faces a Covid-19 Reckoning". Wall Street Journal. Retrieved 24 April 2021.
  • Official website
  • Business data for Hope Bancorp, Inc.:
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