Mergers & Acquisitions

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Deal Overview

Buyer:
Hope Bancorp, Inc.
Actual Acquirer:
Bank of Hope
Target:
U & I Financial Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/23/2017
Announcement Date:
1/23/2017
Announced Deal Value ($ M):
48.82
Status:
Terminated
Completion Date:
9/15/2017
Announced Deal Value Per Share ($ )
9.50

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 128.3 NA
Price / Tangible Book (%) 128.3 NA
Price / Earnings (x) 13.0 NA
Price / Deposits (%) 22.22 NA
Price / Assets (%) 18.89 NA
Tangible Book Premium/ Deposits (%) 6.59 NA
Deal Terms
Description of Consideration

Hope Bancorp Inc. would have paid $9.50 per share in stock to acquire each share of U & I Financial Corp. Exchange of share was subject to adjustment based on Hope Bancorp, Inc.'s closing price within a $17.28832-$25.93248 cap/floor.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 60.00
Estimated Cost Savings ($ 000) 4,498
Est. Restructuring Charges ($ 000) 522
Maximum Termination Fee ($ 000) 2,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Morrison & Foerster LLP
Seller Yes Miller Nash Graham & Dunn LLP
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