Wilshire Bancorp Announces Dismissal of Class Action Lawsuit
March 15 2012 - 6:05AM
Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company for
Wilshire State Bank, announced today that the securities class
action lawsuit filed against Wilshire Bancorp and certain of its
current and former executives in the United States District Court
for the Central District of California has been dismissed and the
plaintiffs have been denied the right to re-file the action.
Separately, Wilshire Bancorp announced that in the Annual Report
on Form 10-K filed today with the Securities and Exchange
Commission for the year ended December 31, 2011, the Company
reported that it has remediated the previously disclosed material
weakness in internal controls on loan underwriting, approval, and
renewal processes for certain loan originations and asset
sales.
"With the dismissal of the class action lawsuit and the
remediation of the material weakness, we are very pleased to have
resolved two issues that required significant attention from the
management team and board of directors," said Jae Whan (J.W.) Yoo,
President and CEO of Wilshire Bancorp. "Now that these issues are
behind us, we can increase our focus on other initiatives that will
more directly contribute to the profitable growth of the
Company."
COMPANY INFORMATION
Headquartered in Los Angeles, Wilshire State Bank operates 24
branch offices in California, Texas, New Jersey and New York, and
eight loan production offices in Dallas and Houston, TX, Atlanta,
GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, and
Bellevue, WA, 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, the
effectiveness of our internal controls over financial reporting,
any developments or changes in pending litigation or governmental
proceedings or the institution of additional or different
litigation or governmental proceedings, 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. Statements contained in this press release are made only as
of the date of this press release, and the Company undertakes no
obligation to update the information herein to reflect new
information, events or circumstances. 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
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Historical Stock Chart
From Apr 2024 to May 2024
Wilshire Bancorp, Inc. (MM) (NASDAQ:WIBC)
Historical Stock Chart
From May 2023 to May 2024