Two top commercial lending in Texas banks have recently terminated their merger agreement that was established at the beginning of this year, on January 23rd. The mutual termination was needed for bother companies to continue to be successful on their own.
Hope Bancorp, Inc., the holding company for Bank of Hope had reached a merger agreement in January of 2017 with U & I Financial, which is the holding company for UniBank. Just last week, Globe Newswire reported that the two companies entered a mutual termination agreement.
Hope Bancorp, who specialize in commercial lending in Texas, had reported financial weaknesses after the 2016 audits of financial statements. Luckily, they have since made progress to improve and fix these issues in their own financial systems. As stated in the original merger agreement, because of the financial weaknesses found with Hope Bancorp, it has been agreed for the merger to not be complete.
The termination of the merger agreement includes that each party involved is responsible for their own costs and expenses that are associated with the termination transaction. However, this does exclude any fees or penalties that are caused by the actual termination between Hope Bancorp and U & I Financial.
Top commercial lending in Texas bank is eager to bounce back after financial instability
Hope of Bank happens to be the first and also only Korean bank in the country. They have $13.9 billion dollars in total assets and Kevin Kim serves as President and Chief Executive Operator. Kim has expressed his disappointment in the merger not going through, but he agrees this is the best decision for both parties involved. Bank of Hope currently has 64 branches across the United States, including some in Texas who specialize in commercial lending in Texas. They also specialize in other business banking products for small to medium size businesses.
Bank of Hope is trained in commercial lending in Texas and also lends a helping hand to the Small Business Administration
Hurricane Harvey hit the southeastern part of Texas hard just a few weeks ago and the entire area is trying to make progress and rebuild, especially those needing commercial lending in Texas. With the merger, not being completed between Hope Bancorp and U & I Financial, these two establishments are able to focus more of their efforts on helping the area rebuild after Hurricane Harvey damaged 18 counties in the state.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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