Exhibit 99.1

Wilshire Bancorp Reports Preliminary Financial Results for Second Quarter 2011

Preliminary Q2 2011 Summary:

·   Preliminary net loss available to common shareholders of $4.6 million, or ($0.09) per share, includes a preliminary estimated non-cash goodwill impairment charge of $6.7 million, which represents the entire remaining balance of goodwill.

·   Excluding estimated non-cash goodwill impairment charge, preliminary net income available to common shareholders of $2.1 million or $0.04 per share

·   Substantial improvement in asset quality including a reduction in non-performing loans, delinquent loans, TDR loans, impaired loans, and charge-offs

·   Successful capital raise of $109 million in common stock (net of underwriting fees)

·   All capital ratios significantly improved from prior quarter

LOS ANGELES, July 25, 2011 - Wilshire Bancorp, Inc. (NASDAQ: WIBC), the holding company (“the Company”) for Wilshire State Bank (“the Bank”), today reported that it expects a net loss available to common shareholders of $4.6 million, or ($0.09) per basic and diluted share, for the quarter ended June 30, 2011, which includes a preliminary estimated non-cash goodwill impairment charge of $6.7 million.  This compares to a net loss available to common shareholders of $4.6 million, or ($0.15) per basic and diluted share, for the same period of the prior year, and a net loss available to common shareholders of $52.1 million, or ($1.77) per basic and diluted share, in the first quarter of 2011.  All financial results reported in this press release for the quarter and/or six months ended June 30, 2011 are preliminary and could change depending on finalization of the actual impairment charge to goodwill (please see discussion of goodwill impairment charge below).

Excluding the preliminary non-cash goodwill impairment charge, the Company expects to report net income available to common shareholders of $2.1 million, or $0.04 per fully diluted share, for the second quarter of 2011.  The expected improvement in financial results, net of the preliminary expected charge to goodwill, compared to the first quarter of 2011 is primarily attributable to an improvement in asset quality and a reduction in credit costs.  The results discussed in this paragraph reflect the use of non-GAAP financial metrics; a reconciliation to GAAP financial metrics is included at the end of this release.

Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp, said, “We are very pleased with the substantial improvement in our financial performance in the second quarter of 2011, which reflects the continued strength of our earnings power along with the results of our aggressive actions to resolve problem loans and reduce our credit costs.  We are executing well on the plan we have outlined to return Wilshire Bancorp to its historical level of profitability.  During the second quarter, we achieved two key milestones in our plan: 1) strengthening our capital position through a $109 million stock offering; and 2) significantly reducing our problem loans.

Wilshire Bancorp Inc. – 2Q 2011 Results

July 25, 2011

Page 2

“We also saw encouraging signs of stability in our loan portfolio, as evidenced by reduced inflow into delinquent and non-accrual loans during the second quarter.  Given a continuation of the positive trends in our asset quality, we believe that our credit costs will remain manageable and we can steadily increase our profitability in the foreseeable future,” said Mr. Yoo.

Goodwill Impairment

As a result of the decline in its stock price and market capitalization, Wilshire Bancorp has determined that it is probable that the goodwill related to the acquisition of the Company’s East Coast branches has been impaired.  The Company is currently implementing the second step of the analysis to determine the extent to which the goodwill is impaired.  The Company has recorded a preliminary non-cash goodwill impairment charge in the amount of $6.7 million, which represents a write-down of all of the goodwill currently carried on the balance sheet.  Once the second step of the goodwill impairment analysis is completed, the Company may determine that no impairment or a charge of less than $6.7 million is required.  The Company expects to complete the goodwill impairment test by the time it files its quarterly report on Form 10-Q for the quarter ended June 30, 2011.

The preliminary non-cash goodwill impairment charge has no significant effect on the Company’s liquidity, operations, or capital ratios.

STATEMENT OF OPERATIONS

Net interest Income and Margin

Net interest income before provision for loan losses totaled $27.3 million in the second quarter of 2011, a decrease of 6.5% from $29.2 million in the second quarter of 2010, and a decrease of 6.7% from $29.3 million in the first quarter of 2011.  The decrease in net interest income on a linked quarter basis was primarily attributable to a decline in total loans as result of management’s plan to aggressively reduce problem loans, which was partially offset by a reduction in interest expense.

Net interest margin was 4.42% in the second quarter of 2011, compared to 3.72% in the second quarter of 2010 and 4.53% in the first quarter of 2011.  The decrease in net interest margin from the previous quarter is primarily attributable to higher balances of Federal Funds Sold, which resulted from funds that became available through the capital raise and loan sales. As the Company utilizes these funds through investment purchases and loan originations, the negative impact to net interest margin will be reduced.

Net interest margin on a year to date basis increased to 4.46% at June 30, 2011 from 3.69% for the same period of the previous year.  The increase in margin reflects a large decrease in cost of liabilities which decreased to 1.14% from 1.80% for the same period.

Non-Interest Income

Total non-interest income declined to $4.1 million for the quarter ending June 30, 2011 compared to $8.7 million for the previous quarter and $9.9 million for the quarter ending June 30, 2010.

Net gain on sale of loans declined to a loss of $1.3 million for the quarter ending June 30, 2011 compared to a $3.6 million gain for the quarter ending March 31, 2011.  The net loss on sale of loans for the quarter ending June 30, 2011 consists of $4.6 million in gains from SBA loan sales offset by a net loss of $5.9 million from the sale of CRE loans.  The $5.9 million loss on CRE loan sales resulted from lower pricing received on loan sales compared to previous markdowns on the loans held for sale for the first quarter of 2011 which were marked down to their fair values at March 31, 2011.

2

Wilshire Bancorp Inc. – 2Q 2011 Results

July 25, 2011

Page 3

Although overall deposits declined from the first to second quarter of 2011, service charge on deposits accounts increased by 2% to $3.1 million. Other non-interest income totaled $2.2 million for the second quarter of 2011, an increase from $2.0 million for the first quarter of 2011 and $1.6 million for the second quarter of 2010. The increase in other non-interest income was attributable to an increase in loan fees for the second quarter of 2011, compared to the previous quarter and the same quarter of the previous year.

Non-Interest Expense

Total non-interest expense was $25.6 million in the second quarter of 2011, compared with $17.5 million in the prior quarter and $16.1 million for the second quarter of 2010.  Total non-interest expense for the second quarter of 2011 includes the preliminary estimated $6.7 million non-cash goodwill impairment charge previously discussed.

Total salaries and employee benefits decreased to $6.8 million in the second quarter of 2011, from $7.8 million in the prior quarter and $7.3 million in the second quarter of 2010.  The decrease is primarily due to the reduction in staff during the first quarter of this year.

Other non-interest expenses for the second quarter of 2011 totaled $9.4 million, an increase of $2.4 million and $3.1 million from the first quarter of 2011 and the second quarter of 2010, respectively.  This increase was largely attributable to $2.3 million in valuation allowance expenses related to the further markdown of held-for-sale loans that were carried over from the first to second quarter of 2011.

BALANCE SHEET

Total loans including loans held-for-sale totaled $2.08 billion at June 30, 2011, compared to $2.28 billion at March 31, 2011.  The decrease was primarily due to $68.8 million in note sales, $14.2 million in charge-offs, and pay-downs during the second quarter of 2011.  Loan originations for the second quarter of 2011 were approximately $50.3 million (excluding SBA and residential mortgage loans). This compares to total loan originations (excluding SBA and residential mortgage loans) of $69.1 million during the first quarter of 2011.

The Company originated $27.7 million in SBA loans during the second quarter of 2011, compared to $48.5 million in the previous quarter. SBA loan originations were elevated in the fourth quarter of 2010 and first quarter of 2011 due to the implementation of the Small Business Lending Program, in which SBA loan guarantees were increased to 90% for certain loans.  With the end of the program in February 2011, the Company’s SBA loan originations declined to previous levels for the second quarter of 2011.

3

Wilshire Bancorp Inc. – 2Q 2011 Results

July 25, 2011

Page 4

Loan Categories

GROSS LOANS BY TYPE (Dollars In Thousands)

Total deposits were $2.15 billion at June 30, 2011, down from $2.27 billion at March 31, 2011.  The decline was primarily in higher cost deposit accounts.

Total other real estate owned (OREOs) was $8.5 million at June 30, 2011, unchanged from $8.5 million at March 31, 2011.  Outflow from OREO in the second quarter of 2011 consisted of 13 sold properties totaling approximately $5.8 million.  Inflows to OREO in the second quarter of 2011 consisted of 12 properties totaling approximately $5.7 million.

CREDIT QUALITY

The Company’s credit quality improved in the second quarter of 2011 with declines in net charge-offs, non-accrual loans, impaired loans, and classified loans.  As a result of the improved credit quality, the Company’s provision for loan losses declined to $10.3 million in the second quarter of 2011, compared to $44.8 million in the prior quarter.

The allowance for loan losses was $111.0 million, or 5.32% of gross loans, at June 30, 2011, compared to $114.8 million, or 5.02% of gross loans, at March 31, 2011.  The coverage ratio of allowance for loan losses to non-performing assets was 128.4% at June 30, 2011, compared with 129.6% at March 31, 2011. Allowance coverage of legacy Wilshire loans (i.e. loans originated at Wilshire as opposed to Mirae Bank) increased to 5.86% at June 30, 2011 from 5.50% at March 31, 2011.

As a result of the improvement in credit quality and the strengthened capital position following the capital raise, the Company’s ratio of legacy classified assets to Tier 1 capital plus reserves was 36.4% at June 30, 2011. The requirement for legacy classified assets to Tier 1 capital plus reserves ratio for the Bank stated in the memorandum of understanding (“MOU”) with regulators is a maximum of 50% with which the Bank is in compliance.

4

Wilshire Bancorp Inc. – 2Q 2011 Results

July 25, 2011

Page 5

Note Sales

The Company sold approximately $68.8 million in held for sale loans (not including SBA or mortgage loans) during the second quarter of 2011 and received proceeds of $62.9 million.  Approximately $43.1 million of these loans were sold in a bulk sale transaction and approximately $25.7 million were sold in individual transactions.  These loans included $17.4 million in non-accrual loans, $9.0 million in performing troubled debt restructured loans, and $6.1 million in delinquent loans.

As a result of the pricing received on the loan sales, the Company recorded a net $5.9 million loss on sale of loans.  The Company also recorded a $2.3 million valuation allowance against loans that remained as loans held-for-sale at June 30, 2011. Market conditions for loan sales had somewhat deteriorated in the second quarter, and therefore management decided to look for better loan pricing in the future.

During the second quarter of 2011, the Company transferred approximately $29 million in loans to held-for-sale status.  The loans were marked to their fair values, which resulted in $9.1 million in charge-offs for the second quarter of 2011.  The Company intends to sell these loans on an individual basis during the second half of 2011.

As of June 30, 2011, the Company had $66.4 million in loans held-for-sale, comprised of $14.2 million in SBA loans, $8.9 million in residential loans, and $43.3 million in commercial real estate loans.  Of the $43.3 million in commercial real estate loans, $40.8 million were classified assets and $29.8 million were non-accrual loans. The reduction in held for sale loans from $136.8 million at March 31, 2011 to $66.4 million at June 30, 2011 reflects management’s strategy to be more selective in terms of note sales, as well as the improvement in overall credit quality.  The Company does not expect future note sales through bulk sale transactions.

Non-accrual Loans

At June 30, 2011, total non-covered non-accrual loans were $59.4 million, or 3.13% of gross non-covered loans, compared to $62.1 million, or 2.97% of loans, at March 31, 2011.

The following is a table shows “covered” and “non-covered” non-accrual loans by loan type:

NON-ACCRUAL LOANS (Dollars In Thousands)

The increase in non-accrual construction loans is attributable to one commercial construction loan for a project in California.  This loan totaling $12.0 million was classified as delinquent during the first quarter of

5

Wilshire Bancorp Inc. – 2Q 2011 Results

July 25, 2011

Page 6

2011 and the Company had established a specific reserve against it based on an impairment analysis.  During the second quarter of 2011, the Company transferred this loan to held-for-sale and charged-off the specific reserve. It is expected that there will be minimal additional loss exposure from this loan.  Real estate secured, commercial and industrial non-accrual loans experienced large decreases from the first to second quarter of 2011.

Impaired Loans

Loans are classified as impaired when based on current information, it is probable that the Company will not be able to collect all principal and interest payments due in accordance with the terms of the loan.  Non-covered impaired loans at June 30, 2011 totaled $91.2 million, compared with $154.9 million at March 31, 2011.

Total impaired loans by loan category are shown in the table below:

IMPAIRED LOANS (Dollars In Thousands)

The decrease in impaired loans during the second quarter of 2011 is largely attributable to note sales and charge-offs of impaired loans and was experienced entirely in the non-covered portfolio.

Performing Troubled Debt Restructured Loans

At June 30, 2011, total non-covered troubled debt restructured loans or “TDR loans”, declined to $22.3 million from $35.7 million at March 31, 2011.  All of the Company’s TDR loans were performing based on their modified terms and were not considered non-performing. The decline in TDR loans was a result of the note sales during the second quarter of 2011 in addition to a reduction in the number of modification requests during the quarter.

6

Wilshire Bancorp Inc. – 2Q 2011 Results

July 25, 2011

Page 7

Total TDR loans by loan category are shown in the table below:

PERFORMING TROUBLED DEBT RESTRUCTURED LOANS (Dollars In Thousands)(unaudited)

(net of SBA guaranteed portions)

Loan Delinquencies

At June 30, 2011, total non-covered loan delinquencies declined to $28.4 million from $35.1 million at March 31, 2011.  As a percentage of gross non-covered loans, delinquencies decreased to 1.50% at June 30, 2011, from 1.68% at March 31, 2011.  The decline in delinquencies was primarily attributable to charge-offs and a decline in inflow to delinquency.

Delinquent loans by days past due and loan type are reflected in the table below:

DELINQUENT  LOANS -  By Days Past Due (Dollars In Thousands)

7

Wilshire Bancorp Inc. – 2Q 2011 Results

July 25, 2011

Page 8

Loan Classifications

At June 30, 2011, total non-covered classified loans (loan graded substandard, doubtful, and loss) declined 27.4% to $158.0 million from $217.7 million at March 31, 2011.  Non-covered criticized loans (loans graded special mention) also experienced a large decline to $156.2 million at June 30, 2011 from $180.7 million at March 31, 2011, a reduction of 13.5%.

Loan balances broken down by classification are reflected in the table below:

LOAN CLASSIFICATIONS  (Dollars In Thousands)