Wilshire Bancorp Announces Common Stock Offering
May 09 2011 - 4:01PM
Wilshire Bancorp, Inc. (the "Company") (Nasdaq:WIBC), the parent
company of its wholly-owned subsidiary Wilshire State Bank, today
announced that it has commenced an underwritten public offering of
approximately $100 million of its common stock. In connection with
the common stock offering, the Company expects to grant the
underwriters a 30-day option to purchase up to $15 million of
additional common stock, solely to cover over-allotments, if any.
A substantial portion of the net proceeds from the offering will
be contributed to Wilshire State Bank as additional capital and the
remaining net proceeds will be used to satisfy cash needs of
Wilshire Bancorp and for other general corporate purposes.
J.P. Morgan Securities LLC will serve as book-running manager
and Macquarie Capital (USA) Inc. will serve as co-manager for this
offering. A registration statement relating to these securities has
been filed with the Securities and Exchange Commission and has
become effective. This release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of these securities in any state in which such offer,
solicitation, or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state. The
common stock offering may be made only by means of a prospectus and
a related prospectus supplement, copies of which may be obtained by
contacting J.P. Morgan Securities LLC at c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention:
Prospectus Department, or by calling 866-803-9204, or Macquarie
Capital (USA) Inc. at 125 W 55th Street, Level 23, New York, NY
10019, Attention: Tim Gould, or by calling 212-231-8022.
ABOUT WILSHIRE BANCORP
Headquartered in Los Angeles, Wilshire State Bank operates 24
branch offices in California, Texas, New Jersey and New York, and
six loan production offices in Dallas, Houston, Atlanta, Denver,
Annandale, Virginia, and Fort Lee, New Jersey, 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.
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. Visit us at
www.wilshirebank.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements for which
the company claims the protection of the safe harbor contained in
the Private Securities and Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties.
A number of factors, many of which are beyond the Wilshire
Bancorp's ability to control or predict, could cause future results
to differ materially from those contemplated by such
forward-looking statements. Wilshire Bancorp's Annual Report on
Form 10-K and other SEC filings discuss the most significant risk
factors that may affect our business, results of operations and
financial condition. Wilshire Bancorp undertakes no obligation to
revise or update publicly any forward-looking statements for any
reason.
CONTACT: Alex Ko, EVP & CFO
(213) 427-6560
www.wilshirebank.com
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