Blue Hill Advisors reaffirms commitment to Territorial Bancorp transaction

Allan Landon, Blue Hill Advisors and other bank investors reaffirmed their commitment to successfully completing a transaction with Territorial Bancorp (TBNK) and clarified their intent to stand by their offer if shareholders vote down the proposed sale to Hope Bancorp (HOPE) at the adjourned Special Meeting of Stockholders on November 6. “Mr. Landon and the investors, which also include O’Brien-Staley Partners and veteran bank investor Mark Lynch, have favored a collaborative approach with Territorial’s Board of Directors. However, the Board has rejected multiple requests by the investors to engage in direct discussions. In the event that the sale to Hope terminates, Mr. Landon and the investors stand ready to speak with the Board in November and to diligently execute the proposed cash transaction on the current terms shortly thereafter,” the group stated. “Our goal all along has been to engage in constructive dialogue with Territorial about this superior offer for shareholders, employees, customers and the Hawaii community. We look forward to that opportunity, even if it has to come after the adjourned special meeting. We intend to offer the same terms then as we are offering now,” said Mr. Landon.