Bank of Hope

Bank of Hope is the largest Korean American bank. It is based in Los Angeles. It is owned by Hope Bancorp, Inc., a bank holding company. It offers commercial banking loan and deposit products through 58 branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia, and Alabama. It also operates Small Business Administration loan production offices in Seattle, Denver, Dallas, Atlanta, Portland and Annandale, Virginia; a commercial loan production office in Fremont, California; residential mortgage loan production offices in California; and a representative office in Seoul, Korea.

Hope Bancorp, Inc.
TypePublic company
NASDAQ: HOPE
S&P 600 component
IndustryBanking
FoundedJune 5, 2000 (2000-06-05)
HeadquartersKoreatown, Los Angeles, California
Key people
Kevin S. Kim, President & CEO
David P. Malone, President & COO
Alex Ko, CFO
Scott Yoon-Suk Whang, Chairman
$0.171 billion (2019)
Total assets $15.214 billion (2019)
Total equity $1.982 billion (2019)
Number of employees
1,441 (2019)
Websitewww.bankofhope.com
Footnotes / references
[1]

It is on the list of largest banks in the United States, ranking 106th place as of June 2020.

History

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 acquired U & I Financial Corp, based in Seattle.[7]

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

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.
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