05:56 PM EDT, 09/19/2024 (MT Newswires) -- Territorial Bancorp ( TBNK ) said its board reaffirmed its commitment to the proposed buyout by Hope Bancorp ( HOPE ) .

The board rejected Blue Hill Advisors' unsolicited acquisition bid because it lacks transparency, financial backing and regulatory assurances, and imposes multiple conditions, contrasting with the nearly finalized Hope deal, Territorial Bancorp ( TBNK ) said in a statement.

"The unsolicited letter from Blue Hill claims to provide a nominally higher purchase price, but there are significant factors making the proposal highly uncertain and inferior to the merger agreed upon with Hope," Territorial Bancorp ( TBNK ) Chief Executive Officer Allan Kitagawa said in the statement.

Blue Hill didn't immediately respond to a request for comment from MT Newswires.