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Wilshire Bancorp, Inc.
WIBC, the parent company of Wilshire State Bank, announced today that
the Memorandum of Understanding (MOU), dated June 29, 2011, by and between the
Company and the Federal Reserve Bank of San Francisco (FRB), has been
terminated, effective as of September 26, 2012.
"We are pleased that the FRB has recognized the improvement in our overall
condition and determined that the MOU is no longer warranted," said Jae Whan
Yoo, President and Chief Executive Officer of Wilshire Bancorp and Wilshire
State Bank. "I am very proud of the hard work that the entire company has put
in to achieve this goal. With the termination of this MOU, we will now have
the flexibility to consider additional opportunities for the utilization of
our excess capital."
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