Bank of Hope (HOPE) formed from Merger of BBCN Bancorp and Wilshire Bancorp
On Friday July 29, 2016, BBCN Bancorp, Inc. and Wilshire Bancorp, Inc. announced they had completed a merger of equals to take effect at the end of the business day. The new entity is expected to enjoy considerable cost savings from branch closures since, as separate entities, they have dozens of outlets in close proximity. Before the merger, BBCN and Wilshire were the two largest Korean-American banks operating in the U.S. The holding company for the combined entity will operate under the name Hope Bancorp, Inc. (NASDAQ: HOPE). Announcing the merger, Kevin S. Kim, president and chief executive officer of…