Bank of Hope closes Manubank deal, adding $2.6B in deposits

Bank of Hope expands its Southern California business banking footprint by taking over SMBC Manubank's commercial unit.

Bank of Hope closed its acquisition of SMBC Manubank's commercial banking unit on Oct. 1, adding $2.3 billion in loans and $2.6 billion in deposits.

The deal was first announced in late March, and Bank of Hope also takes over Manubank's seven commercial branches in Southern California. With $18.5 billion in assets,

Bank of Hope is the fourth-largest bank headquartered in Los Angeles. It was formed in 2016 by merging BBCN Bank and Wilshire Bank. Before the deal it ran 45 branches in six states, plus 28 more in Hawaii under the Territorial Savings name.

The acquisition makes the lender a stronger competitor for mid-market business clients.