logo
Share SHARE
FONT-SIZE Plus   Neg

Wilshire Bancorp To Buy BankAsiana

Wilshire Bancorp Inc. (WIBC), 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

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
AIG reported a plunge in second-quarter profit, hurt by a decline at its insurance business, debt-related losses and lower gains from the sale of investments. However, its earnings topped Street estimates, partly on contribution from aircraft leasing giant AerCap. AIG also announced a boost in dividend and said it would buyback an additional $5 billion stock. Automakers on Monday reported strong U.S. vehicle sales for the month of July, driven by continued demand for trucks and sport-utility vehicles amid an improving economy, lower gas prices and easy availability of credit. Detroit's Big Three - General Motors Co., Ford Motor Co. and FCA US, LLC - all reported vehicle sales above analyst expectations. British lender Lloyds Banking Group Plc. Friday reported higher profit in its first half, benefited by increased net interest income and margin as well as lower impairment. Looking ahead, the company lifted its net interest margin forecast.
comments powered by Disqus
RELATED NEWS
Trade WIBC now with 
Follow RTT