Shareholders at the nation’s two largest Korean-American banks, both based in Koreatown in Los Angeles, approved a merger Thursday, according to a press release.

The merger of BBCN Bank and Wilshire Bank is set to conclude on July 29.

BBCN Bank has 50 branches in California, New York, New Jersey, Illinois, Washington and Virginia. Wilshire Bank has 35 branches in California, Texas, Alabama, Georgia, New Jersey, and New York.

The new company will be known as Hope Bancorp and its wholly owned subsidiary will operate as Bank of Hope. It will have assets of $13.1 billion, according to an unaudited pro forma basis as of March 31.

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