Wilshire Bancorp Announces Termination of Memorandum of Understanding With Federal Reserve Bank of San Francisco
Wilshire Bancorp, Inc. (Nasdaq: 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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