LOS ANGELES, Nov. 21, 2013 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC) (the "Company"), the parent company of Wilshire Bank, today announced the completion of its acquisition of Saehan Bancorp effective as of November 20, 2013. Using September 30, 2013 financial information, following the consummation of the acquisitions of BankAsiana (which occurred on October 1, 2013) and Saehan Bancorp, Wilshire Bancorp has total assets of approximately $3.6 billion and total deposits of approximately $2.9 billion.
Effective November 20, 2013, all former Saehan Bank branches are operating under the Wilshire Bank name.
"We are pleased to complete our acquisition of Saehan Bancorp, which we believe will significantly expand our presence in the Los Angeles Metropolitan area and enhance the earnings power of our franchise," said J.W. Yoo, President and Chief Executive Officer of Wilshire Bancorp. "We are excited to welcome Saehan customers to Wilshire Bank and provide them with the exceptional level of personal service that has been the hallmark of Wilshire Bank over our 33-year history."
In the merger, Saehan shareholders received an aggregate of (1) 7,210,815 shares of Company common stock and (2) $50,369,522 in cash. Saehan shareholders had the right to elect to receive either (x) $0.4247 in cash, (y) 0.06080 shares of Wilshire common stock, or (z) a unit consisting of a mix of $0.21235 in cash and 0.03040 shares of Wilshire common stock, in exchange for each share of Saehan common stock, subject to proration, adjustment and certain limitations as set forth in the merger agreement.
ABOUT WILSHIRE BANCORP
Headquartered in Los Angeles, Wilshire Bancorp is the parent company of Wilshire Bank, which operates 38 branch offices in California, Texas, New Jersey and New York, and nine loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, New York, NY, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire 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. For more information, please go to www.wilshirebank.com.
ABOUT SAEHAN BANCORP
Saehan Bancorp is a bank holding company with headquarters in Los Angeles, California. Its wholly owned subsidiary, Saehan Bank, offers a comprehensive range of financial solutions to meet the needs of multi-ethnic communities in the United States. Saehan Bancorp is committed to satisfying customers and creating shareholder value. Its ten retail branch offices, International Department and SBA Department focus on fulfilling these commitments to customers and shareholders.
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. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed transaction involving Wilshire and Saehan including future financial and operating results, Wilshire's or Saehan's plans, objectives, expectations and intentions, the expected timing of completion of the transaction, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: (i) the risk that a condition to closing of the transaction may not be satisfied; (ii) the timing to consummate the proposed transaction; (iii) the risk that the businesses will not be integrated successfully; (iv) the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; (v) disruption from the transaction making it more difficult to maintain relationships with customers, employees or vendors; (vi) the diversion of management time on transaction-related issues; (vii) general worldwide economic conditions and related uncertainties; (viii) the effect of changes in governmental regulations; (ix) credit risk associated with an obligor's failure to meet the terms of any contract with the bank or to otherwise perform as agreed; (x) interest risk involving the effect of a change in interest rates on both the bank's earnings and the market value of the portfolio equity; (xi) liquidity risk affecting the bank's ability to meet its obligations when they come due; (xii) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (xiii) transaction risk arising from problems with service or product delivery; (xiv) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (xv) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (xvi) reputation risk that adversely affects earnings or capital arising from negative public opinion; (xvii) terrorist activities risk that results in loss of consumer confidence and economic disruptions; (xviii) economic downturn risk resulting in deterioration in the credit markets; (xix) greater than expected noninterest expenses; (xx) excessive loan losses; and (xxi) other factors Wilshire discusses or refers to in the "Risk Factors" section of its most recent Annual Report on Form 10-K filed with the SEC. Additional risks and uncertainties are identified and discussed in Wilshire's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and Wilshire undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
ADDITIONAL INFORMATION ABOUT THE MERGER WITH SAEHAN AND WHERE TO FIND IT
This communication relates or may be deemed to relate to the merger between Wilshire and Saehan Bancorp ("Saehan") that is the subject of a registration statement on Form S-4, including a proxy statement/prospectus, filed with the SEC on September 3, 2013 (No. 333-190971), as amended by Amendment No. 1 thereto, and declared effective by the SEC on October 1, 2013, that provides full details of the proposed merger and the attendant benefits and risks. The proxy statement/prospectus was filed with the SEC on October 2, 2013 and was mailed to Saehan shareholders on or about October 7, 2013. This communication is not a substitute for the proxy statement/prospectus or any other document that Wilshire or Saehan may file with the SEC or send to their shareholders in connection with the proposed merger. Investors and security holders are urged to read the registration statement on Form S-4, including the definitive proxy statement/prospectus, and all other relevant documents filed with the SEC or sent to shareholders as they become available because they will contain important information about the proposed merger. All documents, when filed, will be available free of charge at the SEC's website (www.sec.gov). You may also obtain these documents by contacting Wilshire's Corporate Secretary, at Wilshire Bancorp, Inc., 3200 Wilshire Boulevard, Los Angeles, California 90010, or via e-mail at alexko@wilshirebank.com. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.