Wilshire Bancorp Completes Purchase of Certain Assets and the Partial Assumption of Operations of Bank of Manhattan's Mortgag...
March 02 2015 - 8:00AM
Wilshire Bancorp, Inc. (Nasdaq:WIBC), the parent company of
Wilshire Bank, announced today the completion of its acquisition of
certain assets and the assumption of certain operations of Bank of
Manhattan's Mortgage Lending Division, effective February 27, 2015.
The total consideration that was paid to Bank of Manhattan for this
transaction was $20,000, which represents the cost to purchase
certain premises and equipment related to the two locations the
Company will be assuming.
"With the closing of this acquisition, Wilshire Bank is
positioned to become the leading mortgage lender in the
Korean-American banking industry," said Jae Whan Yoo, President and
Chief Executive Officer of Wilshire Bancorp. "We are excited to
expand our mortgage lending platform and increase our ability to
serve the needs of our customers. We believe this is a positive
development for our customers, our shareholders, our employees, and
the future of the Wilshire Bank franchise."
ABOUT WILSHIRE BANCORP
Headquartered in Los Angeles, Wilshire Bancorp is the parent
company of Wilshire Bank, which operates 33 branch offices in
California, Texas, New Jersey and New York, and 4 loan production
offices in Atlanta, GA, Aurora, CO, Newark, CA, and Federal Way,
WA, and is an SBA preferred lender nationwide. Wilshire 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.
For more information, please go to www.wilshirebank.com.
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.
Undue reliance should not be placed on forward-looking statements,
as they are subject to risks and uncertainties, including but not
limited to the risk factors set forth in our most recent Annual
Report on Form 10-K and our other reports filed with or furnished
to the Securities and Exchange Commission. Specific factors that
could cause future results to differ materially from historical
performance and these forward-looking statements include, but are
not limited to: (i) the risk that a condition to closing of the
transaction may not be satisfied; (ii) the timing to consummate the
proposed transaction; (iii) the risk that the businesses will not
be integrated successfully; (iv) the risk that the cost savings and
any other synergies from the transaction may not be fully realized
or may take longer to realize than expected; (v) disruption from
the transaction making it more difficult to maintain relationships
with customers, employees or vendors; (vi) the diversion of
management time on transaction-related issues; (vii) general
worldwide economic conditions and related uncertainties; (viii) the
effect of changes in governmental regulations; (ix) credit risk
associated with an obligor's failure to meet the terms of any
contract with the bank or to otherwise perform as agreed; (x)
interest risk involving the effect of a change in interest rates on
both the bank's earnings and the market value of the portfolio
equity; (xi) liquidity risk affecting the bank's ability to meet
its obligations when they come due; (xii) price risk focusing on
changes in market factors that may affect the value of traded
instruments in "mark-to-market" portfolios; (xiii) transaction risk
arising from problems with service or product delivery; (xiv)
compliance risk involving risk to earnings or capital resulting
from violations of or nonconformance with laws, rules, regulations,
prescribed practices, or ethical standards; (xv) strategic risk
resulting from adverse business decisions or improper
implementation of business decisions; (xvi) reputation risk that
adversely affects earnings or capital arising from negative public
opinion; (xvii) terrorist activities risk that results in loss of
consumer confidence and economic disruptions; (xviii) economic
downturn risk resulting in deterioration in the credit markets;
(xix) greater than expected noninterest expenses; (xx) excessive
loan losses; and (xxi) other factors we discuss or refer to in the
"Risk Factors" section of our most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission. 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, except as required
by applicable law. Additional information on these and other
factors that could affect financial results are included in the
reports of Wilshire Bancorp filed with or furnished to the
Securities and Exchange Commission.
CONTACT: Alex Ko, EVP & CFO, (213) 427-6560
www.wilshirebank.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