Hope Bancorp in Los Angeles has agreed to buy Territorial Bancorp in Honolulu. The $18.1 billion-asset Hope said in a news release that it will pay $78.6 million in stock for the $2.2 billion-asset Territorial. The deal is expected to close by the end of the year. Once completed, the transaction will leave just six FDIC-insured banks chartered in the island state, according to FDIC data.
UMB Financial in Kansas City, Missouri, has agreed to buy Heartland Financial USA in Denver. The $45.1 billion-asset UMB said in a news release that it will pay $2 billion in stock for the $19.4 billion-asset Heartland. The deal is expected to close in the first quarter.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.