Wilshire Bancorp Subsidiary Recognized for Outstanding SBA Lending Performance
May 10 2005 - 6:30AM
Business Wire
Wilshire Bancorp Inc. (Nasdaq:WIBC) today announced that its
primary operating subsidiary, Wilshire State Bank, received an
award from the United States Small Business Administration program.
Wilshire State Bank was one of two lenders nationally to receive
the U.S. SBA 2005 Small Business Export Lender of the Year award.
"We have increased our SBA lending activity dramatically over the
years, even as Wilshire State Bank has diversified and expanded
beyond Southern California," stated Soo Bong Min, President and
CEO. "Between calendar 2000 and 2004, our SBA loan originations
nearly tripled to $116 million, with SBA lending representing 17%
of our total loan production last year. We remain committed to
serving small businesses throughout the country, and we will
continue to help this vital part of the American economy meet its
banking needs." The SBA's primary focus was to recognize lenders
that have shown steadfast commitment to supporting the growth and
expansion of small businesses across the country, in addition to
the volume of SBA-backed loans originated. In July 2004, Wilshire
ranked #8 in the Top 200 Publicly Traded Banks by U.S. Banker,
which listed community banks by their three-year average return on
equity. Wilshire State Bank was also named one of Sandler O'Neill's
2004 Bank and Thrift Sm-All Stars, which honored the top 30
performing small banks in the country. Headquartered in Los
Angeles, Wilshire Bancorp is the parent company of Wilshire State
Bank, which has 14 branch offices in California and Texas, and
eight Loan Production Offices in San Jose, Seattle, Oklahoma City,
San Antonio, Las Vegas, Houston, Atlanta, and Denver. Wilshire
State Bank is an SBA preferred lender at all of its office
locations, excluding the newest LPOs in Houston, Atlanta, and
Denver. The 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. Wilshire Bancorp's strategic goals
include increasing shareholder and franchise value by continuing to
grow its multi-ethnic banking business and expanding its geographic
reach to other similar markets with strong levels of small business
activity. Statements concerning future performance, events,
expectations for growth and market forecasts, and 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, the ability to
continue to diversify Wilshire State Bank and the services it
provides, the ability to successfully integrate new business lines
and expand into new markets, competition in the marketplace and
general economic conditions. The 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, which is subject to
change. Although any such projections and the factors influencing
them will likely change, the bank will not necessarily update the
information, since management will only provide guidance at certain
points during the year. Such information speaks only as of the date
of this release. Additional information on these and other factors
that could affect our financial results are included in filings by
Wilshire Bancorp with the Securities and Exchange Commission.
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