Hope Bancorp in Los Angeles will close an additional nine branches next year as part of a second round of cost cutting.
Six of the branches slated for closure are in Southern California, another two are in the New York and New Jersey markets and one is in Illinois, the $13.5 billion-asset company said Thursday. All but two of the branches are within one mile of another branch.
The company expects to record roughly $1.2 million in one-time charges related to the consolidation, which is expected to be completed by the second quarter. Hope projects it will save $5 million annually.
Hope was formed this year after BBCN Bancorp and Wilshire Bancorp merged. In September, the company announced it would close a dozen branches, convert two others into alternative business spaces and transform another into a commercial lending office. It is also planning to add a second branch in Houston.
Once all the moves are completed, Hope said, it would have 65 branches.