LOS ANGELES--(BUSINESS WIRE)--
Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company
of Bank of Hope (the “Bank”), today announced that its board of
directors has approved a new share repurchase program that authorizes
the Company to repurchase up to $50 million of its common stock.
“This new authorization will enable the Company to continue repurchasing
shares of our common stock following the completion of our previous $100
million repurchase program in July 2018,” said Kevin S. Kim, President
and Chief Executive Officer of Hope Bancorp. “We are optimistic about
the long-term opportunities to enhance the value of our franchise, and
we believe that the repurchase of our shares represents an attractive
investment opportunity and a valuable tool for creating value for our
shareholders.”
Purchases may be made in open-market transactions, in block transactions
on or off an exchange, in privately negotiated transactions or by other
means as determined by Hope Bancorp’s management and in accordance with
the regulations of the Securities and Exchange Commission. The timing of
purchases and the number of shares repurchased under the new program
will depend on a variety of factors including price, trading volume,
corporate and regulatory requirements and market conditions. Repurchases
may also be made under a trading plan under Rule 10b5-1, which would
permit shares to be repurchased when Hope Bancorp might otherwise be
precluded from doing so because of self-imposed trading blackout periods
or other regulatory restrictions. The repurchase program may be
suspended or discontinued at any time without notice.
About Hope Bancorp, Inc.
Hope Bancorp, Inc. is the holding company of Bank of Hope, the first and
only super regional Korean-American bank in the United States with $14.9
billion in total assets as of June 30, 2018. Headquartered in Los
Angeles and serving a multi-ethnic population of customers across the
nation, Bank of Hope operates 63 full-service branches in California,
Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and
Alabama. The Bank also operates SBA loan production offices in Seattle,
Denver, Dallas, Atlanta, Portland, Oregon, New York City, Northern
California and Houston; commercial loan production offices in Northern
California and Seattle; residential mortgage loan production offices in
Southern California; and a representative office in Seoul, Korea. Bank
of Hope specializes in core business banking products for small and
medium-sized businesses, with an emphasis in commercial real estate and
commercial lending, SBA lending and international trade financing. Bank
of Hope is a California-chartered bank, and its deposits are insured by
the FDIC to the extent provided by law. Bank of Hope is an Equal
Opportunity Lender. For additional information, please go to
bankofhope.com.
Forward-Looking Statements
Some statements in this press release may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements relate to, among
other things, expectations regarding the opportunities to enhance the
value of the Hope Bancorp franchise and the impact of share repurchases
on shareholder value creation. Forward-looking statements include, but
are not limited to, statements preceded by, followed by or that include
the words “will,” “believes,” “expects,” “anticipates,” “intends,”
“plans,” “estimates” or similar expressions. With respect to any such
forward-looking statements, the Company claims the protection provided
for in the Private Securities Litigation Reform Act of 1995. These
statements involve risks and uncertainties. The Company’s actual
results, performance or achievements may differ significantly from the
results, performance or achievements expressed or implied in any
forward-looking statements. The risks and uncertainties include, but are
not limited to: possible deterioration in economic conditions in our
areas of operation; interest rate risk associated with volatile interest
rates and related asset-liability matching risk; liquidity risks; risk
of significant non-earning assets, and net credit losses that could
occur, particularly in times of weak economic conditions or times of
rising interest rates; and regulatory risks associated with current and
future regulations. For additional information concerning these and
other risk factors, see the Company’s most recent Annual Report on Form
10-K and Quarterly Report on Form 10-Q. The Company does not undertake,
and specifically disclaims any obligation, to update any forward-looking
statements to reflect the occurrence of events or circumstances after
the date of such statements except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180926005798/en/
Hope Bancorp, Inc.
Alex Ko
EVP, Chief Financial Officer
213-427-6560
alex.ko@bankofhope.com
Source: Hope Bancorp, Inc.