March 28 - The board of Los Angeles-based Wilshire Bancorp Inc. (NASDAQ: WIBC), the parent company of Wilshire State Bank, has authorized the repurchase of up to 5 percent of its outstanding common stock, or approximately 3.6 million shares. This program will be in effect for 12 months or expire on completion of the current authorization. Under this program, management is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws.
"We believe the repurchase of our common stock represents an attractive investment opportunity for the company, and the authorization of this repurchase program reflects our commitment to deploying our capital in ways that will create value for our shareholders," said Jae Whan Yoo, president and CEO of Wilshire Bancorp and Wilshire State Bank. "Our strong capital ratios afford us the opportunity to repurchase shares of our common stock, while still maintaining ample capital to continue growing our franchise."
About Whilshire State Bank
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, Atlanta, Aurora, Colo., Annandale, Va., Fort Lee, N.J., Newark, Calif., and Bellevue, Wash., 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. For more information, please go to www.wilshirebank.com.