Shareholders at Territorial Bancorp have approved the Honolulu company’s sale to Hope Bancorp in Los Angeles, thwarting an effort by an investor group to derail the deal.
The $2.2 billion-asset Territorial did not disclose the percentage of shares that backed its sale.
“We expect our combination with Bank of Hope to strengthen Territorial for the long term, providing many advantages for our customers and employees as we become part of a larger organization with greater resources, enhanced technology platforms, and an expanded array of banking products and services,” Allan Kitagawa, Territorial’s chairman, president and CEO, said in a press release.
“We greatly appreciate the hard work of our employees and their unwavering commitment to delivering outstanding service as we progress toward the closing of this transaction,” he added.