Form 4: Territorial Bancorp Inc. Vice Chairman Hirata Reports Beneficial Ownership Changes Following Merger with Hope Bancorp

Vernon Hirata, Vice Chairman & Co-COO, General Counsel & Secretary of Territorial Bancorp Inc., reports changes in beneficial ownership of common stock following the merger with Hope Bancorp, Inc.

Summary

• Vernon Hirata, Vice Chairman & Co-COO, General Counsel & Secretary of Territorial Bancorp Inc. (TBNK), filed a Form 4 on April 2, 2025, reporting changes in beneficial ownership.
• The changes are a result of the merger agreement between Territorial Bancorp Inc. and Hope Bancorp, Inc.
• Each outstanding share of TBNK common stock was converted into the right to receive 0.8048 shares of Hope Bancorp, Inc. common stock, with cash payments for fractional shares.
• Hirata directly disposed of 82,969 shares of TBNK common stock.
• Hirata indirectly disposed of 54,342 shares held in a 401(k), 15,600 shares held in a trust, 17,742 shares held in an ESOP, and 441 shares held in a spouse's ESOP.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing related to a merger. The sentiment is neutral as it simply reports changes in ownership.

Future Outlook

The document does not contain any specific forward-looking statements beyond the completion of the merger.

Industry Context

This filing reflects the completion of a merger transaction in the banking sector, where consolidation is a common strategy for growth and efficiency.

Stakeholder Impact

• Shareholders of Territorial Bancorp Inc. will now hold shares of Hope Bancorp, Inc. as a result of the merger.
• The merger may lead to changes in the combined company's operations and strategy, potentially affecting employees, customers, and other stakeholders.

Key Dates

Keywords

Form 4, Beneficial Ownership, Territorial Bancorp Inc., Hope Bancorp Inc., Merger, Hirata Vernon, TBNK