Hope Bancorp, Inc. (NasdaqGS:HOPE) signed a definitive agreement to acquire U&I Financial Corp. for $47.2 million in stock on January 23, 2017. Under the transaction, U&I Financial (UNIF) shareholders will be entitled to receive shares of Hope based on a value of $9.50 for the UNIF common stock. The deal is subject to adjustments. Hope Bancorp and U&I Financial signed a confidentiality agreement on August 4, 2016. After the completion of transaction, UNIF will merge into Hope Bankcorp. In case of termination, a fee of $2 million will be paid by UNIF to Hope Bancorp.

As of September 30, 2016, UNIF had total assets of $255 million. The transaction is subject to regulatory approval, UNIF's shareholder approval, opinion of Morrison & Foerster, listing of new shares, dissenting shares limited and effectiveness of form S-4 registration statement. The Boards of Directors of both companies unanimously approved the transaction. The transaction is expected to close during the third quarter of 2017. The acquisition is expected to be immediately accretive to tangible book value and earnings for Hope Bancorp.

Joe Gulash, Jeff Wishner, Ashwin Kakani, Jason Tran, Chris Fong of Keefe, Bruyette, & Woods, Inc. acted as financial advisor and Henry M Fields and Ben Chung of Morrison & Foerster LLP acted as legal advisors for Hope Bancorp, Inc. Adam Keefer of Sandler O'Neill + Partners, L.P. acted as financial advisor and Stephen M. Klein and David G Post of Miller Nash Graham & Dunn LLP acted as legal advisors for U&I Financial Corp.

Hope Bancorp, Inc. (NasdaqGS:HOPE) cancelled the acquisition of U&I Financial Corp. on September 15, 2017.