LOS ANGELES, Feb. 3, 2014 (GLOBE NEWSWIRE) -- Wilshire Bank (the "Bank"), a subsidiary of Wilshire Bancorp, Inc. (Nasdaq:WIBC) (the "Company"), today announced that it has been recognized by the U.S. Small Business Administration as the largest producer of SBA loans in the SBA Los Angeles District (Los Angeles, Santa Barbara and Ventura Counties) for fiscal year 2013. Wilshire Bank originated 130 SBA loans totaling $46.1 million in the Los Angeles District during the SBA fiscal year ended September 30, 2013.
"This recognition is a testament to the hard work we have done to create a highly efficient process for underwriting SBA loans and helping small businesses quickly obtain the credit they need to manage and grow their businesses," said Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp. "We continued our strong momentum in the December quarter with our highest level of SBA loan production in the history of the Bank. I would like to congratulate our SBA lending team for their outstanding work and their success in establishing Wilshire Bank as the largest SBA lender in the Los Angeles District."
ABOUT WILSHIRE BANCORP
Headquartered in Los Angeles, Wilshire Bancorp is the parent company of Wilshire Bank, which operates 38 branch offices in California, Texas, New Jersey and New York, and nine loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, New York, NY, and Bellevue, 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.
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 filings made from time to time with 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: (1) loan production and sales, (2) credit quality, (3) the ability to expand net interest margin, (4) the ability to continue to attract low-cost deposits, (5) success of expansion efforts, (6) competition in the marketplace, (7) political developments, war or other hostilities, (8) changes in the interest rate environment, (9) the ability of our borrowers to repay their loans, (10) the ability to maintain capital requirements and adequate sources of liquidity, (11) effects of or changes in accounting policies, (12) legislative or regulatory changes or actions, (13) the ability to attract and retain key personnel, (14) the ability to receive dividends from our subsidiaries, (15) the ability to secure confidential information through the use of computer systems and telecommunications networks, (16) weakening in the economy, specifically the real estate market, either nationally or in the states in which we do business, and (17) general economic conditions. 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.
CONTACT: Alex Ko, EVP & CFO, (213) 427-6560 www.wilshirebank.comSource:Wilshire Bancorp, Inc.