As Bank of Hope plans to complete its recent merger between Wilshire Bank and BBCN Bank, 12 branches currently in business are set to close on Dec. 29.
“The branches that are set to close will operate until Dec. 29,” said Bank of Hope president Kevin Kim. “Customers who often banked at the affected locations can begin using other branches around the city.”
Since the merger, Bank of Hope has already closed 12 branches in Southern California, New York and New Jersey. The closed branches were believed to be excessively concentrated in the same area. After further closure on Dec. 29,
Bank of Hope is set to operate 73 branches across the country. The bank added that the branches set to close were selected on various factors, including location, convenience for customers, cost efficiency of operation and other factors involving property contracts.
Three branches located within Los Angeles Koreatown are set to close during this month’s first set of closures, along with those in Artesia, Gardena, Fullerton and Van Nuys.
The banking needs of customers who have visited the closing branches on a regular basis will be transferred over the nearby branches. In New York and New Jersey, four branches are set to close at the end of the month.
Bank of Hope also announced that eight Southern California locations that are set to close will later be converted into either alternative businesses or corporate offices. The employees at the closing branches will either relocate to another branch or begin working in the bank’s corporate department.
Meanwhile, Bank of Hope plans to have a second set of closures next year between March and May. It is believed that the bank will close 10 additional branches.
By Sung Cheol Jin