Wilshire Bancorp Inc. (WIBC: Quote), the parent company of Wilshire State Bank, announced an agreement to acquire BankAsiana, a New Jersey state chartered commercial bank. The transaction is valued at approximately $32.5 million, which will be paid to BankAsiana shareholders and option holders in cash, Wilshire Bancorp said.
BankAsiana has three branches serving the Korean-American community in the New York/New Jersey market. As of March 31, 2013, BankAsiana had total assets of $207.3 million, total net loans of $161.2 million and total deposits of $164.6 million.
Jae Whan Yoo, President and CEO of Wilshire Bancorp and Wilshire State Bank, said: "This transaction will double the size of Wilshire's New York/New Jersey franchise, further diversifying the loan portfolio and providing greater exposure to fast growing market segments in New York and New Jersey."
by RTT Staff Writer
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