Hawaii
Controversial bid for Territorial in Hawaii wins shareholder backing
Adobe Stock
Shareholders of Territorial Bancorp in Honolulu on Wednesday voted in favor of a sale to Los Angeles-based Hope Bancorp, ending a contentious and protracted campaign to derail the deal and paving a path to close it by the end of this year.
The deal, announced in April, faced major hurdles in recent weeks after an investor group stepped in with a
The combination still needs regulatory approval.
“We expect our combination with Bank of Hope to strengthen Territorial for the long term, providing many advantages for our customers and employees as we become part of a larger organization with greater resources, enhanced technology platforms, and an expanded array of banking products and services,” Territorial Chairman and CEO Allan Kitagawa said in a press release after the vote. “We greatly appreciate the hard work of our employees and their unwavering commitment to delivering outstanding service as we progress toward the closing of this transaction.”
The $17.4 billion-asset Hope agreed in April to an
However, an investor group led by
“We think our offer is clearly superior,” Landon said in an interview ahead of the vote.
Territorial’s shares traded above $11 on Wednesday.
Landon said the Hope offer came before the Federal Reserve made clear that it planned to cut interest rates and provide relief to community banks such as Territorial, whose securities portfolios and earnings have been under pressure. The Fed lowered its benchmark interest rate by 50 basis points in September and signaled more reductions could follow.
Territorial swung to a third-quarter net loss of $1.3 million, or 15 cents per share, from year-earlier net income of $880,000, or 10 cents per share. Territorial holds older bonds and other assets at low rates and had to pay more for deposits over the past couple years. As a result, its third-quarter net interest income decreased by nearly $2.6 million from a year earlier to $7.5 million.
However, with rates now declining, Landon said the bank’s earnings are poised to recover, and Territorial was worth more than the Hope offer implied.
Before the vote, Yakira Capital Management, one of Territorial’s largest shareholders, urged the bank to consider the Blue Hill offer, calling it financially superior.
“We continue to question why the board is so vehemently against an offer that provides approximately 25% more value for shareholders,” the Westport, Connecticut-based investment manager said. It owns more than 1% of Territorial’s shares.
That statement came on the heels of proxy advisor Institutional Shareholder Services supporting consideration of the Blue Hill offer.
However, ISS reversed its position ahead of the vote, and proxy advisor Glass Lewis also recommended that shareholders get behind the Hope deal.
In a letter to shareholders last week, Territorial’s board said it remained committed to the Hope deal. The board said the Blue Hill bid presented too many uncertainties and ultimately did not appear stronger than the Hope package when all factors were considered.
The $2.2 billion-asset bank’s board said that the Blue Hill offer was made on behalf of investors who had not presented sufficient evidence that they had the financial wherewithal to follow through on their offer or the expertise to secure regulatory approvals.
Territorial also said it would have to pay Hope a $3 million termination fee to pursue the investor group’s offer — an expensive risk given uncertainty about whether the competing offer was sound.
The Blue Hill-led group in October provided an addendum to its offer to provide additional details about the “seven seasoned bank investors backing the proposal, whose individual expressions of interest in acquiring Territorial shares total $134 million,” according to a press release at the time. “That is $26 million more than the amount required to tender for 100% of Territorial’s shares at a price of $12.50 per share.”
The investors collectively manage $3.4 billion “and comprise a mix of funds, family offices and private investors who have executed hundreds of transactions like this,” according to the group’s press release.
Territorial’s shareholder vote was webcast Wednesday afternoon Eastern time. Executives, who were not immediately available to comment, said on the webcast that a majority of shareholders voted in favor of the Hope sale. They said a precise tally would follow in a forthcoming Securities and Exchange Commission filing.
A Blue Hill spokesman said Wednesday the group would await the SEC filing before commenting.
The demolition of Aloha Stadium on Oahu took a big step forward Thursday with the first section of seating pulled down from the steel structure.
Half of the elevated deck-level seating on the stadium’s makai side was severed and toppled backward as part of demolition work that began in February.
The other half of the upper makai-side seating is slated to come down Tuesday, followed by similar sections on the mauka side and both end zones, though the concrete foundations for lower-level end-zone seating are being preserved for a new, smaller stadium to rise on the same site.
A private partnership, Aloha Halawa District Partners, led by local developer Stanford Carr, is replacing the 50,000-seat Aloha Stadium, which opened in 1975 and was shuttered in 2020, with a new stadium featuring up to 31,000 seats.
AHDP is using $350 million of state funding toward the cost of the new stadium, which could be $475 million or more, and will operate and maintain the facility on state land for 30 years with a land lease.
The development team also is to redevelop much of the 98-acre stadium property dominated by parking lots with a new mixed-use community that includes at least 4,100 residences, two hotels, an office tower, retail, entertainment attractions and open spaces expected to be delivered in phases over 25 years and costing close to or more than $5 billion or $6 billion.
Earlier parts of stadium demolition work led by Hawaiian Dredging Construction Co. included removing four covered multistory spiral walkways leading to the upper level from the ground, and concourse bridges.
Demolishing the stadium is projected to be done by August, according to Carr.
Building the new facility is expected to be finished in 2029.
Hawaii
This Airbnb Tiny Home Sits on a Lava Field in Hawaii With Unbeatable Night Sky Views—and It’s a Guest Favorite
:max_bytes(150000):strip_icc()/tal-airbnb-one-off-tout-1465b3bde0864117b43761b0d1dd346e.jpg?ssl=1 "This Airbnb Tiny Home Sits on a Lava Field in Hawaii With Unbeatable Night Sky Views—and It’s a Guest Favorite")
HONOLULU (HawaiiNewsNow) – The team behind a popular Hawaii-based home renovation show is now facing legal troubles after airing content that shouldn’t have been released, according to the state.
Hawaii’s Attorney General is now involved after HGTV’s ‘Renovation Aloha’ showed uncensored images of apparent ancient skeletal remains that were discovered at a Hilo property.
In a now-deleted clip on social media, Kamohai and Tristyn Kalama, along with the production team, discovered a cave beneath a Hilo property where they found the remains deep inside.
Video documented their shock when it was found, with the hosts saying, “There’s bones back here. I got to get out of here. Are you fricken serious? I’m serious dude. Is that a skull?”
Tristyn was seen standing further back, saying “This is terrifying. I’m at my stopping point” before leaving.
Hawaii News Now is not showing the bones, but confirmed with HGTV the episode was filmed in December 2025.
Video didn’t show them touching or moving the remains, and HGTV said authorities were notified after the discovery, the property was not developed, and the site was later blessed.
At the time, police said no crime was committed, and the state AG obtained a TRO to prevent the broadcast of the images in accordance with state law.
However this week, uncensored video of the bones was posted online by the Kalamas and HGTV, and included in the episode, triggering a quick rebuke from the community.
“We don’t kaula’i iwi. We do not lay our bones out in the sun to expose him in this manner,” former Oahu Island Burial Council Chair Kumu Hinaleimoana Wong-Kalu said.
She also said the release of the images was “extremely disappointing,” saying the damage was already done.
“It is irrelevant that bones were not moved. It is irrelevant that they were not disturbed, per se, because somebody didn’t touch them — but you went into their space and that space becomes kapu space once they have transitioned over to po. And when you do that, we honor that. We don’t disturb them,” Wong-Kalu added.
The AG said they took immediate legal action to prevent the unlawful broadcast of images, pointing to a TRO issued prior to the episode’s release. They also said, “We are aware that the segment aired notwithstanding the court’s order, and we take this matter very seriously. The Department will pursue additional action as necessary.”
Court Documents revealed the Kalamas and producers of the show are now facing four counts for allegedly breaking Iwi Kupuna protection rules.
“If that were our grandparent, would we want them, after they have physically transitioned to po, would we want to share our family in this manner? I don’t think so,” Wong-Kalu added.
HGTV said in a statement, “We take the concerns raised by the community very seriously and are committed to ensuring our programming is respectful and appropriate. We apologize to anyone who found any part of the episode offensive, that was not HGTV’s intention.”
They also confirmed the original episode was removed, and re-edited without the bones included.
Through our communication with the HGTV spokesperson, Hawaii News Now offered the Kalamas a chance to respond directly, but they did not. They did however take to Instagram to address the episode, saying they followed the protocols they knew, and never intended to build there. They stressed their respect for Hawaiian culture and practices.
The investigation remains active.
Copyright 2026 Hawaii News Now. All rights reserved.
-
Cleveland, OH2 minutes agoWinners and Losers From Cleveland Cavaliers NBA Playoffs Game 1
-
Austin, TX8 minutes agoStorms dump small hail throughout Austin area Saturday
-
Alabama14 minutes agoYMCA of South Alabama holds Healthy Kids Day in Spanish Fort
-
Alaska20 minutes ago
Bear injures two US soldiers during military training in Alaska | The Jerusalem Post
-
Arizona26 minutes agoNFL mock draft: 4-round projections for Arizona Cardinals
-
Arkansas32 minutes agoNo. 6 Arkansas ends top-ranked OU’s 31-game home winning streak with 3-2 decision
-
California38 minutes ago
Billionaire Steyer’s spending binge dwarfs rival campaigns in California governor’s race
-
Colorado44 minutes agoLandeskog – April 18 | Colorado Avalanche
