Wilshire Bancorp Announces Appointment of Jack Choi as Chief Credit Officer
October 17 2011 - 8:00AM
Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company for
Wilshire State Bank, announced that it has received notices of
non-disapproval from the Federal Deposit Insurance Corporation, the
Federal Reserve Bank of San Francisco, and the California
Department of Financial Institutions regarding the appointment of
Jack Choi as the Company's Executive Vice President and Chief
Credit Officer. Mr. Choi, 51, has been serving as a consultant
to the Company's Credit Administration department since September
14, 2011. Peter Koh, who has been serving as Interim Chief
Credit Officer, will return to his previous position of Deputy
Chief Credit Officer.
"We are very pleased with the quick response from our regulators
to our request to appoint Jack Choi as Chief Credit Officer," said
Jae Whan (J.W.) Yoo, President and CEO of Wilshire
Bancorp. "His addition is another step forward in
strengthening our management team and enhancing the strong credit
culture we are building at Wilshire Bancorp."
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.
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. For
more information, please visit our website at
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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