Los Angeles-based Hope Bancorp, Inc. is implementing the final phase of its branch consolidation which affects six branches in Southern California, two branches in the New York and New Jersey markets, and one branch in Illinois.

Once the consolidations are completed, along with the opening of the company's second Houston branch in the spring of 2017, Bank of Hope will have 65 full-service branches in the U.S.

A total one-time pre-tax charge of approximately $1.2 million is expected to be incurred by the first half of next year as a result of the consolidations, while estimated savings are roughly $5 million pre-tax on an annual basis.

As with its first phase of consolidations, the move comes as a result of overlapping presences following the merger of BBCN Bancorp and Wilshire Bancorp Inc. on July 29 that created the company.

In aggregate, the postmerger branch consolidation will impact 21 branches and is expected to result in approximately $3.3 million in one-time pre-tax charges and approximately $16 million in projected annual pretax savings.