Wilshire Bancorp Announces Up to 3.6M Share Buyback
Wilshire Bancorp, Inc. (Nasdaq: WIBC), the parent company of Wilshire State Bank, announced Wednesday that its Board of Directors has authorized the repurchase of up to 5% of its outstanding common stock or approximately 3.6 million shares. This program will be in effect for 12 months or expire upon completion of the current authorization. Under this program, management is authorized to repurchase shares through Rule 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws. Depending on market conditions and other factors, repurchases may be made at any time or from time to time, without prior notice. The Company has no obligation to repurchase any shares under this program and may suspend or discontinue it at any time.
"We believe the repurchase of our common stock represents an attractive investment opportunity for the Company, and the authorization of this repurchase program reflects our commitment to deploying our capital in ways that will create value for our shareholders," said Jae Whan Yoo, President and Chief Executive Officer of Wilshire Bancorp and Wilshire State Bank. "Our strong capital ratios afford us the opportunity to repurchase shares of our common