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Controversial bid for Territorial in Hawaii wins shareholder backing

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Controversial bid for Territorial in Hawaii wins shareholder backing


Shareholders of Territorial Bancorp in Honolulu approved the company’s planned sale to Hope Bancorp in Los Angeles.

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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 competing offer — and a higher price tag — that called into question the merits of Hope’s offer. The shareholder vote was originally scheduled for October but was delayed to muster support.

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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 all-stock deal valued at $78.6 million. Hope previously said its offer priced Territorial at $8.82 per share and that it expected to close the transaction by Dec. 31.

However, an investor group led by Blue Hill Advisors and former Bank of Hawaii CEO Allan Landon made a competing offer in August. Its initial cash bid valued Territorial at $12 per share. It later upped that to $12.50 per share.

“We think our offer is clearly superior,” Landon said in an interview ahead of the vote.

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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.

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“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.

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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.

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Man killed while changing tire after crash in South Kohala

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Man killed while changing tire after crash in South Kohala


HONOLULU (HawaiiNewsNow) – Hawaiʻi Island police are investigating a traffic collision that claimed the life of a 59-year-old Waimea man on Sunday afternoon.

At 1:22 p.m., South Kohala patrol officers responded to the collision and determined that a black 2008 BMW sedan was traveling eastbound on Kawaihae Road when it veered onto the south shoulder and collided with a parked, unoccupied gold 2004 Toyota Camry sedan that was facing east on the shoulder.

Police identified the victim as 59-year-old Sione Tilini of Waimea.

At the time of the collision, three individuals were outside the Toyota Camry on the passenger side of the vehicle, changing a front passenger-side tire.

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Tilini is believed to have been positioned between and partially underneath the passenger-side wheels of the Toyota when the collision occurred. The impact caused the Toyota to fall onto him.

Tilini was transported to Queen’s North Hawaiʻi Community Hospital, where he was later pronounced dead at 2:47 p.m.

Two additional individuals, a 19-year-old man and an 11-year-old boy, sustained minor injuries after being struck when the parked vehicle was pushed forward during the collision.

Both were transported to Queen’s North Hawaiʻi Community Hospital for treatment and later released.

The driver and sole occupant of the BMW, a 22-year-old Waimea man, was transported to Queen’s North Hawaiʻi Community Hospital and remains in critical condition.

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The BMW driver was arrested on suspicion of negligent homicide, negligent injury, driving without a license, no motor vehicle insurance, and operating a vehicle under the influence of an intoxicant.

The Hawaiʻi Police Department’s Area II Traffic Enforcement Unit has initiated a negligent homicide investigation.

Police ask anyone who witnessed the collision or has information relevant to the investigation to contact Officer Dayson Taniguchi at dayson.taniguchi@hawaiipolice.gov or at (808) 326-4646, ext. 229.

This was the fourth traffic fatality within five days and the ninth traffic fatality on Hawaiʻi Island in 2026, compared with 12 at the same time last year.

Copyright 2026 Hawaii News Now. All rights reserved.

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County approval sought for festival that has irritated neighbors – West Hawaii Today

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County approval sought for festival that has irritated neighbors – West Hawaii Today






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Tourist yells ‘I’m rich’ after beachgoers beg him to stop attacking endangered seal — before he’s detained

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Tourist yells ‘I’m rich’ after beachgoers beg him to stop attacking endangered seal — before he’s detained


A tourist who threw a huge rock at an endangered Hawaiian monk seal in Maui boasted that he didn’t care about the consequences because he’s “rich” — before he was detained over the attack.

The man was filmed lifting a large rock from a beach and throwing it towards an endangered seal as it swam off the Lahaina shoreline last Tuesday, narrowly missing the animal’s head.

Kaylee Schnitzer, who filmed the video, can be heard yelling at the man: “What are you doing? Why would you throw a rock at it?”

She later told KHON 2: “We told him that we called the cops, and he was like, ‘I don’t care. Fine me, I’m rich.’ He said that, and he kept walking.”

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The Division of Conservation and Resources Enforcement’s Maui Branch dispatched officers to the beach, where they detained the suspect. Hawaii’s Department of Land and Natural Resources said it will not be share the suspect’s identity as he has not been criminally charged at this time. He is understood to be a 37-year-old man from Seattle, Washington.

A viral video captured a tourist throwing a large rock at an endangered monk seal in Hawaii (KHON2)

Hawaiian monk seals are among the most endangered marine mammals in the world. Harassing, injuring or killing one is against both state and federal law, and violators may face fines or criminal penalties. The horrifying incident sparked online outrage and Schnitzer’s video went viral.

The seal, named “Lani,” is beloved by many residents in the area after returning to Lahaina following the 2023 wildfires. Maui Mayor Richard Bissen noted in an Instagram post that both members of his team and locals have “watched over and deeply cared for” Lani since her return.

“Let me be clear, this is not the kind of visitor we welcome on Maui,” Bissen said. “We welcome respectful visitors that understand that our cultural environment and wildlife must be treated with care and aloha. Behavior like this will not be tolerated.”

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Monk seals are one of the most endangered marine mammals in the world (Hawaii Department of Land and Natural Resources)

Monk seals are one of the most endangered marine mammals in the world (Hawaii Department of Land and Natural Resources)

State officials said the suspect was questioned by authorities and later released after he requested legal counsel.

The Department of Land and Natural Resources said it is investigating the incident and will turn over the findings to NOAA’s Office of Law Enforcement for possible federal action. The Independent has contacted the department for more information.

During a news conference on Wednesday, the Division of Conservation and Resources Enforcement Chief Jason Redulla said officials have not confirmed whether the seal was harmed by the rock.

Police reminded the public to avoid interactions with the protected species and report harmful behavior to authorities.





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