Wilshire Bancorp to Offer $100M Shares, to use Proceeds for Added Capital and Cash Needs (WIBC)

Wilshire Bancorp WIBC, the parent company of its wholly-owned subsidiary Wilshire State Bank, today announced that it has commenced an underwritten public offering of approximately $100 million of its common stock. In connection with the common stock offering, the Company expects to grant the underwriters a 30-day option to purchase up to $15 million of additional common stock, solely to cover over-allotments, if any. A substantial portion of the net proceeds from the offering will be contributed to Wilshire State Bank as additional capital and the remaining net proceeds will be used to satisfy cash needs of Wilshire Bancorp and for other general corporate purposes.