Wilshire Bancorp Announces Termination of Memorandum of Understanding With Federal Reserve Bank of San Francisco
LOS ANGELES, Oct. 4, 2012 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (WIBC), the parent company of Wilshire State Bank, announced today that the Memorandum of Understanding (MOU), dated June 29, 2011, by and between the Company and the Federal Reserve Bank of San Francisco (FRB), has been terminated, effective as of September 26, 2012.
"We are pleased that the FRB has recognized the improvement in our overall condition and determined that the MOU is no longer warranted," said Jae Whan Yoo, President and Chief Executive Officer of Wilshire Bancorp and Wilshire State Bank. "I am very proud of the hard work that the entire company has put in to achieve this goal. With the termination of this MOU, we will now have the flexibility to consider additional opportunities for the utilization of our excess capital."
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. 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. 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.
CONTACT: Alex Ko, EVP & CFO - (213) 427-6560 www.wilshirebank.comSource: Wilshire Bancorp, Inc. 2012 GlobeNewswire, Inc.