LOS ANGELES, March 2, 2015 (GLOBE NEWSWIRE) -- 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.
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.comSource:Wilshire Bancorp, Inc.