CORRECTION: Bank of Hope To Acquire Commercial Banking Unit Of SMBC MANUBANK; Acquisition Adds ~$2.5B In Loans And $2.7B In Deposits

Bank of Hope is set to acquire the commercial banking unit of SMBC MANUBANK, which will add approximately $2.5 billion in loans and $2.7 billion in deposits to its portfolio. This acquisition aligns with Hope's strategy to enhance its commercial banking capabilities and positions the bank as a key partner for middle market customers from Asia. Additionally, it will provide attractive core deposit funding and diversify Hope's balance sheet, while deepening its presence in the Greater Los Angeles Metropolitan Area.