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8-K - 8-K - WILSHIRE BANCORP INCa12-13304_18k.htm

Exhibit 99.1

 

WILSHIRE BANCORP, INC.

CONTACT INFORMATION:

Alex Ko, EVP & CFO - (213) 427-6560

www.wilshirebank.com

 

Wilshire Bancorp Announces Termination of

Wilshire State Bank Memorandum of Understanding with

FDIC and State Regulators

 

LOS ANGELES (May 29, 2012) — Wilshire Bancorp, Inc. (NASDAQ: WIBC), the parent company of Wilshire State Bank, announced today that the Memorandum of Understanding (MOU), dated May 6, 2011, by and between the bank, the Federal Deposit of Insurance Corporation and the California Department of Financial Institutions, has been terminated, effective as of May 18, 2012.

 

“We believe the bank has made great progress over the past year, and we are gratified that the regulators have recognized this improvement and lifted the bank’s MOU,” said Jae Whan Yoo, President and Chief Executive Officer of Wilshire Bancorp and Wilshire State Bank.  “The entire Wilshire State Bank team has been dedicated to achieving this goal.  We believe the termination of the bank’s MOU highlights the consistent improvement in the financial condition of the bank.”

 

COMPANY INFORMATION

 

Headquartered in Los Angeles, Wilshire State Bank operates 24 branch offices in California, Texas, New Jersey and New York, and eight loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire State Bank is a community bank with a focus on commercial real estate lending and general commercial banking, with its primary market encompassing the multi-ethnic populations of the Los Angeles Metropolitan area.

 

FORWARD-LOOKING STATEMENTS

 

Statements concerning future performance, events, or any other guidance on future periods constitute forward-looking statements that are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated expectations. Specific factors include, but are not limited to, loan production and sales, credit quality, the ability to expand net interest margin, the ability to continue to attract low-cost deposits, success of expansion efforts, competition in the marketplace and general economic conditions. Any financial information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Wilshire Bancorp’s most recent reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission, as they may be amended from time to time. Results of operations for the most recent quarter are not necessarily indicative of operating results for any future periods. Any projections in this release are based on limited information currently available to management and are subject to change. The information in this press release speaks only as of the date of this release and Wilshire Bancorp specifically disclaims any duty to update the information in this press release. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.

 

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