Bank of Hope

{{Short description|Korean American bank in Los Angeles}}

{{Infobox company

| name = Hope Bancorp, Inc.

| logo = Bank of Hope logo.svg

| image = Bank of Hope sign.jpg

| image_caption = Bank of Hope branch in Edison, New Jersey

| type = Public

| traded_as = {{plainlist|

• {{NASDAQ|HOPE}}
• S&P 600 component

}}

| industry = Banking

| foundation = {{start date and age|2000|06|05}}

| location = Koreatown, Los Angeles, California, US

| key_people = {{plainlist|

• Kevin S. Kim (president) & CEO
• Peter J. Koh (SEVP & COO)
• Julianna Balicka (CFO)

}}

| revenue = {{increase}}

$0.630 billion (2022)

| net_income = {{increase}} $0.218 billion (2022)

| assets = {{increase}} $18.09 billion (2022)

| equity = {{increase}} $1.982 billion (2019)

| num_employees = 1,545 (2022)

| homepage = {{URL|https://www.bankofhope.com/}}

| footnotes = {{cite web| url=http://www.ir-hopebancorp.com/Doc/Index?did=57296456| title=Hope Bancorp, Inc. 2019 Form 10-K Annual Report| website=U.S. Securities and Exchange Commission}}

}}

[[File:Bank of Hope (HOPE) Stock Price.webp|thumb|260px|Bank of Hope (HOPE) Stock Price

{{see also|2023 banking crisis}}

]]

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.

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.{{cite press release| url=https://www.businesswire.com/news/home/20111130006594/en/Nara-Bancorp-Center-Financial-Complete-Merger-Equals| title=Nara Bancorp and Center Financial Complete Merger of Equals Creating the Largest Korean American Bank in the Country| publisher=Nara Bancorp| via=Business Wire| date=November 30, 2011}}

On February 15, 2013, the company acquired Pacific International Bancorp, the holding company for Pacific International Bank, a Washington state–chartered bank with four branches in the Seattle metropolitan area.{{cite press release| url=https://www.businesswire.com/news/home/20130215005775/en/BBCN-Completes-Acquisition-Pacific-International| title=BBCN Completes Acquisition of Pacific International| publisher=BBCN Bank| via=Business Wire| date=February 15, 2013}}

In August 2013, the company acquired Foster Bankshares, Inc., and became the largest Korean American Bank in Chicago.{{cite press release| url=https://www.globenewswire.com/news-release/2013/08/13/566425/10044729/en/BBCN-Bancorp-Completes-Merger-With-Foster-Bankshares.html| title=BBCN Bancorp Completes Merger With Foster Bankshares| publisher=BBCN Bancorp| via=Globe Newswire| date=August 13, 2013}}

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.{{cite press release | url=https://www.globenewswire.com/news-release/2016/07/29/860272/0/en/BBCN-and-Wilshire-Complete-Merger-of-Equals-Creating-the-Only-Super-Regional-Korean-American-Bank-in-the-U-s.html| title=BBCN and Wilshire Complete Merger of Equals Creating the Only Super Regional Korean-American Bank in the U.S.| publisher=BBCN Bancorp| via=Globe Newswire| date=July 29, 2016}}{{cite news| url=https://www.americanbanker.com/news/bbcn-to-rebrand-as-hope-bancorp-after-completing-wilshire-deal| title=BBCN to Rebrand as Hope Bancorp After Completing Wilshire Deal| first=Paul| last=Davis| work=American Banker| date=May 13, 2016| url-access=subscription}}

In 2017, the bank almost acquired U & I Financial Corp, based in Seattle, but the acquisition was called off at the last minute.{{cite press release| url=https://www.globenewswire.com/news-release/2017/01/23/910175/0/en/Hope-Bancorp-Announces-Acquisition-of-Seattle-Based-U-I-Financial-Corp.html| title=Hope Bancorp Announces Acquisition of Seattle-Based U & I Financial Corp.| publisher=Hope Bancorp| via=Globe Newswire| date=January 23, 2017}}

In August 2017, the bank opened a branch in Houston.{{cite news| url=https://www.bizjournals.com/houston/news/2017/09/05/los-angeles-based-korean-american-bank-opens.html| title=Los Angeles-based, Korean-American bank opens second branch in Houston| first=Jack| last=Witthaus| newspaper=Houston Business Journal| date=September 5, 2017| url-access=subscription}}

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.{{cite news| last1=Putzier| first1=Konrad| title=California's Bank of Hope Was a Symbol of Success. Now It Faces a Covid-19 Reckoning.| url=https://www.wsj.com/articles/californias-bank-of-hope-was-a-symbol-of-success-now-it-faces-a-covid-reckoning-11600171202| access-date=April 24, 2021| newspaper=The Wall Street Journal| date=September 15, 2020| url-access=subscription}}

On April 2, 2025, the bank merged with Territorial Bancorp, operating as Territorial Savings Bank with 29 branches in Hawaii, which was rebranded as Territorial Savings, a division of Bank of Hope.{{cite web| title=Bank of Hope FAQ| url=https://www.tsbhawaii.bank/bank-of-hope-faq/| access-date=April 10, 2025| website=Territorial Savings}}{{cite web| title=About Us| url=https://www.tsbhawaii.bank/tsb/about-us/| access-date=April 10, 2025| website=Territorial Savings}}