Wilshire Bancorp Announces Planned Appointment of New Chief Credit Officer
September 14 2011 - 4:01PM
Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company for
Wilshire State Bank, announced today that it has hired Jack Choi,
51, as a consultant to the Company's Credit Administration
department. It is anticipated that the Board of Directors of
Wilshire Bancorp will appoint Mr. Choi to serve as the new
Executive Vice President and Chief Credit Officer following the
receipt of regulatory approval of such appointment.
Mr. Choi has more than 25 years of banking experience, primarily
in the Korean-American community. From 2005 to 2011, Mr. Choi
was President and Chief Executive Officer of Commonwealth Business
Bank, a Korean-American bank serving Southern California. As
CEO, Mr. Choi grew the Bank to more than $400 million in assets
during its first six years of operation. From 1993 to 2004,
Mr. Choi served in several executive positions at Hanmi Bank,
including Senior Vice President and Chief Credit Officer during his
last five years at the bank. In this capacity, Mr. Choi was
responsible for approving new loan production, assessing the
portfolio risk and reserve adequacy, training and developing
lending staffs, and engaging in bank-wide strategic decisions.
"We are very pleased to welcome Jack to Wilshire Bancorp," said
Jae Whan (J.W.) Yoo, President and CEO of Wilshire
Bancorp. "He is a highly experienced executive who has a deep
understanding of the Korean-American markets that we
serve. His addition furthers our mission to create a strong
credit culture at Wilshire Bancorp, and we believe he will be
valuable to our efforts to continue improving our asset
quality."
Until regulatory approval is received for the appointment of Mr.
Choi as Chief Credit Officer, Peter Koh is serving as the Interim
Chief Credit Officer of the Company. Mr. Koh previously served
as the Company's Deputy Chief Credit Officer, and he will return to
this position following the appointment of Mr. Choi. Seung
Hoon Kang, who previously served as the Company's Chief Credit
Officer, has accepted a position within the Bank as its
Chief Marketing Officer.
COMPANY INFORMATION
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.
www.wilshirebank.com
FORWARD-LOOKING STATEMENTS
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. Since management will only provide guidance at certain
points during the year, Wilshire Bancorp will not necessarily
update the information. Such information speaks only as of the date
of this 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.com
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