Hope Bancorp Says Phase II Branch Consolidation Plan; Expects Pre-tax Charges

(RTTNews) - Hope Bancorp, Inc. (NASDAQ:HOPE), the holding company of Bank of Hope, announced the second and final phase of its branch optimization plan following merger of BBCN Bank and Wilshire Bank.

Hope Bancorp expects one-time pre-tax charges related to second phase of branch consolidations to total about $1.2 million and be incurred by first half of 2017. Projected savings are anticipated to be about $5 million pre-tax on an annual basis.

In aggregate, the company's post-merger branch consolidation plan will impact 21 branches and is expected to result in about $3.3 million in one-time pre-tax charges and about $16 million in projected savings pre-tax on an annual basis.

The company said that the second phase of branch consolidations will impact six branches in Southern California, two branches in the New York/New Jersey markets and one branch in Illinois. Following the second phase of branch consolidations, Bank of Hope will have 65 full-service branches throughout the United States.