Wilshire Bancorp, Inc. Announces Pricing of $100 Million Underwritten Public Offering of Common Stock
May 11 2011 - 10:29PM
Wilshire Bancorp, Inc. (Nasdaq:WIBC) (the "Company"), the parent
company of its wholly-owned subsidiary Wilshire State Bank (the
"Bank"), announced today the pricing of its previously announced
underwritten public offering of common stock, raising aggregate
gross proceeds of $100 million. The offering consisted of
36,363,600 shares of common stock at a price to the public of
$2.75 per share. The Company also granted the underwriters a 30-day
option to purchase up to 5,454,540 additional shares of common
stock, solely to cover over-allotments, if any. The Company
expects issuance and delivery of the shares to occur on May 17,
2011, subject to customary closing conditions.
A substantial portion of the net proceeds from the offering will
be contributed to the Bank as additional capital and the remaining
net proceeds will be used to satisfy cash needs of the Company and
for other general corporate purposes.
J.P. Morgan Securities LLC is the book-running manager and
Macquarie Capital (USA) Inc. is the 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. The offering will be made only
by means of a prospectus supplement and the accompanying base
prospectus filed as a part of the Company's effective
shelf-registration statement on Form S-3 (File
No. 333-161847). Copies of the prospectus supplement and the
related base prospectus may be obtained from 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.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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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