Wilshire Bancorp Inc - Current report filing (8-K)
December 20 2007 - 5:08PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
____________________
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported):
December
20, 2007
____________________
WILSHIRE
BANCORP, INC.
(Exact
name of registrant as specified in its charter)
____________________
California
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000-50923
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20-0711133
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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3200
Wilshire Boulevard, Los Angeles,
California
90010
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(Address
of principal executive offices) (Zip Code)
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(213)
387-3200
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(Registrant’s
telephone number, including area code)
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____________________
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM
5.02
DEPARTURE
OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN
OFFICERS; COMPENSATION
ARRANGEMENTS
OF CERTAIN OFFICERS
Soo
Bong Min has tendered his resignation as President, Chief Executive
Officer (“CEO”) and director of Wilshire Bancorp, Inc. (the “Company”), and its
subsidiary, Wilshire State Bank (the “Bank”), effective December 31, 2007. Mr.
Min informed the Company in his resignation letter that he has decided to retire
from banking after 48 years in the industry and that his resignation is not
due
to any disagreement with the Company or with the Bank. To the knowledge of
the
executive officers of the Company, Min’s resignation is not due to any
disagreement with the Company or with the Bank.
In
connection with his retirement, the Company and Min have entered into a
Consulting Agreement that will become effective on January 1, 2008 and will
continue for a term of seventeen months thereafter. Pursuant to the Consulting
Agreement, Min will continue to serve as an advisor to the Bank until May
2009. In return for these services, the Bank will pay Min, through May
2009, an amount equal to the base salary ($20,834 per month) under his
existing employment agreement. The Consulting Agreement further provides that
during the term of the Consulting Agreement and for a period of three (3) years
following its termination, Min will not be employed, or act in any other
consulting or independent contractor relationship, with a competing financial
institution. Min has also agreed that, during this same period, he will not
solicit the Bank’s employees to leave the Bank and he will not solicit any of
the Bank’s customers with whom he became acquainted as a result of his
employment with the bank, either for his own benefit or for the benefit of
any
other person, firm or corporation.
The
Board
of Directors of the Company and of the Bank has promoted Ms. Joanne Kim to
interim President and CEO of the Company and the Bank from her current position
as Chief Lending Officer and Executive Vice President, effective upon Mr. Min’s
retirement.
The
Company has not entered into any material plans, contracts or arrangements,
or
amended any existing plans, contracts or arrangements, with Ms. Kim as a result
of the events reported herein.
Joanne
Kim has been Senior Vice President and Chief Lending Officer of Wilshire State
Bank since October 1999, and was appointed Senior Vice President with
Wilshire Bancorp in connection with the holding company reorganization in August
2004. Ms. Kim was promoted to Executive Vice President of Wilshire Bancorp
in March 2005. Previously, she served as Senior Vice President and Branch
Manager of Hanmi Bank from 1995 until 1999.
A
copy of
the Consulting Agreement, effective January 1, 2008, between the Bank and Soo
Bong Min is filed as Exhibit 99.1 to this Form 8-K and is incorporated by
reference herein.
The
Company’s related press release is filed as Exhibit 99.2 to this Form 8-K and is
incorporated by reference herein.
ITEM
9.01
FINANCIAL
STATEMENTS AND EXHIBITS
(c)
Exhibits
Exhibit
99.1
Consulting
Agreement, effective January 1, 2008, between Soo Bong Min and the
Bank.
Exhibit
99.2
Press
release dated December 20, 2007.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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WILSHIRE
BANCORP, INC.
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Date:
December 20, 2007
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By:
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/s/
Elaine S. Jeon
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Elaine
S. Jeon, Interim Chief Financial
Officer
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EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Consulting
Agreement, effective January 1, 2008, between Soo Bong Min and the
Bank.
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99.2
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Press
release dated December 20, 2007
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