Bank of Manhattan Announces Sale of Mortgage Business
February 09 2015 - 5:00PM
Business Wire
Manhattan Bancorp (OTCBB: MNHN) and Bank of Manhattan, N.A.
today announced the signing of an asset purchase agreement with
Wilshire Bancorp, Inc. (NASDAQ: WIBC) (“Wilshire”) in which
Wilshire will acquire certain assets and assume certain liabilities
of Bank of Manhattan’s Mortgage Lending Division. Headquartered in
Los Angeles, Wilshire Bancorp is the parent company of Wilshire
Bank, a community bank with a focus on commercial real estate
lending and general commercial banking.
Rick Sowers, President and COO of Bank of Manhattan stated, “We
are pleased to have found such a strong partner in Wilshire Bancorp
that has the resources to manage and operate the Mortgage business
and service our clients. We, along with our merger partner Plaza
Bank, are looking forward to intensifying our focus on our core
competency – commercial and private banking.”
Consummation of the transaction is subject to the satisfaction
of general closing conditions. The transaction is expected to close
on February 27, 2015.
“Our primary focus continues to be, as it has always been, on
best serving our clients and creating value for our shareholders,”
Sowers said.
Russell Hossain, Bank of Manhattan’s Executive Vice President,
Mortgage Lending, added: “Bank of Manhattan will honor all
contractual commitments for mortgage loans that are currently in
process and continue to provide outstanding service.”
“The assets and personnel we are adding from the Mortgage
Lending Division will be a strong complement to our existing
residential mortgage platform,” said Jae Whan (J.W.) Yoo, President
and Chief Executive Officer of Wilshire Bancorp. “We look forward
to providing a seamless transition for our new mortgage customers
and delivering the highest quality of service.”
First formed in 2010, the Mortgage Lending Division has
primarily offered conforming, super-conforming and jumbo
residential mortgage products, and has originated over $3.0 billion
in residential loans since 2012. The purchase substantially
increases Wilshire’s residential mortgage origination platform and
further diversifies its loan portfolio.
About Bank of Manhattan
Bank of Manhattan is a full service bank headquartered in the
South Bay area of Los Angeles, Calif. Founded in 2007, Bank of
Manhattan specializes in delivering relationship banking services
to entrepreneurs, family-owned and closely-held middle market
businesses, real estate investors and professional service firms.
Bank of Manhattan is a wholly owned subsidiary of Manhattan
Bancorp.
Forward-Looking Statements
This press release may contain forward-looking statements
regarding Manhattan Bancorp, Bank of Manhattan, Wilshire Bancorp,
Wilshire Bank and the proposed sale of Bank of Manhattan’s mortgage
division. These statements involve certain risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties
include, but are not limited to, the ability of the parties to
consummate the sale on the of the mortgage division on terms
acceptable to Bank of Manhattan, or at all, and the ability of the
parties to satisfy the conditions to the closing of the sale.
Manhattan Bancorp and Bank of Manhattan undertake no obligation
to revise or publicly release any revision or update to these
forward-looking statements to reflect events or circumstances that
occur after the date on which such statements were made.
Abernathy MacGregor Group213-630-6550Heather
WilsonHAW@abmac.comOr Kristin ColeKEC@abmac.com
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Historical Stock Chart
From Apr 2023 to Apr 2024