~Focus on Increased Lending and
Investments in Underserved Communities~
BBCN Bancorp, Inc. (NASDAQ:BBCN) and Wilshire Bancorp, Inc.
(NASDAQ:WIBC) today jointly announced that their subsidiaries, BBCN
Bank and Wilshire Bank, plan to enhance their combined community
activities with the joint adoption of Community Goals and
Commitments to be implemented upon completion of the merger of the
two companies.
The commitments set forth a blueprint for steps the combined
company plans to take in the areas of loans, investments,
charitable and community contributions and grants over the next
several years upon the completion of the merger, which is subject
to shareholder and regulatory approvals. To view the
Community Goals and Commitments, please visit
https://www.bbcnbank.com/community-goals-and-commitments and
https://www.wilshirebank.com/community-goals-and-commitments.
Following the merger completion, the combined company will
continue to work with community organizations, including the
California Reinvestment Coalition, the National Diversity Coalition
and groups from within the African American, Latino, Korean and
other Asian and Pacific Islander American communities. These
groups provided valuable input to the banks to develop the
Community Goals and Commitments.
“The Community Goals and Commitments emphasize our desire to be
responsible banks and citizens in our communities,” said Kevin S.
Kim, Chairman, President and Chief Executive Officer of BBCN
Bancorp. Jae Whan (J.W.) Yoo, Wilshire Bancorp’s President
and Chief Executive Officer, added, “We recognize that what is good
for the community is frequently also good for business. By
adopting these Commitments, we remain confident in, and committed
to, the combination of BBCN and Wilshire.”
Kim concluded, “On behalf of BBCN and Wilshire, I want to
personally thank the California Reinvestment Coalition, the
National Diversity Coalition and their member organizations. Their
insight and willingness to engage in productive dialogue provided
valuable input in formalizing the Community Goals and Commitments,
and we look forward to working collaboratively with them to serve
the needs of our community.”
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the holding company of BBCN Bank, the
largest Korean-American bank in the nation with $7.9 billion in
assets as of December 31, 2015. Headquartered in Los Angeles and
serving a diverse mix of customers mirroring its communities, BBCN
operates 50 branches in California, New York, New Jersey, Illinois,
Washington and Virginia; eight loan production offices in Seattle,
Denver, Dallas, Atlanta, Northern California, Annandale, Virginia,
Portland, Oregon and Fremont, California; and a representative
office in Seoul, Korea. BBCN specializes in core business
banking products for small and medium-sized businesses, with an
emphasis in commercial real estate and business lending, SBA
lending and international trade financing. BBCN Bank is a
California-chartered bank and its deposits are insured by the FDIC
to the extent provided by law. BBCN is an Equal Opportunity
Lender.
About Wilshire Bancorp, Inc.
Headquartered in Los Angeles, Wilshire Bancorp, Inc. is the
parent company of Wilshire Bank, which operates 35 branch offices
in California, Texas, Alabama, Georgia, New Jersey, and New York.
Wilshire Bancorp also operates five loan production offices of
which three are utilized primarily for the origination of loans
under the Small Business Administration lending program located in
Colorado, Georgia, and Washington, and two that are utilized
primarily for the origination of residential mortgage loans located
in California. Wilshire Bank is a community bank focusing on
general commercial banking and commercial real estate lending
within its primary markets encompassing the multi-ethnic
populations of Los Angeles, New York, New Jersey, and Texas. For
more information, please visit www.wilshirebank.com.
Additional Information and Where to Find It
In connection with the proposed merger, BBCN Bancorp has filed
with the Securities and Exchange Commission (the “SEC”) a
preliminary Registration Statement on Form S-4 that includes a
Joint Proxy Statement/Prospectus of Wilshire Bancorp and BBCN
Bancorp, as well as other relevant documents concerning the
proposed transaction. Shareholders are urged to read the
preliminary Registration Statement and the Joint Proxy
Statement/Prospectus regarding the merger and any other relevant
documents filed with the SEC, as well as any amendments or
supplements to those documents, because they contain important
information. You will be able to obtain a free copy of the Joint
Proxy Statement/Prospectus, as well as other filings containing
information about BBCN Bancorp and Wilshire Bancorp at the SEC’s
Internet site (www.sec.gov). You will also be able to obtain these
documents, free of charge, from BBCN at www.BBCNbank.com in the
“Investor Relations” section under the “About” tab, or from
Wilshire Bancorp at www.wilshirebank.com in the “Investor
Relations” section under the “About Wilshire Bank” tab. This
communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval.
Participants in Solicitation
BBCN Bancorp, Wilshire Bancorp and their respective directors,
executive officers, management and employees may be deemed to be
participants in the solicitation of proxies in respect of the
merger. Information concerning BBCN Bancorp’s participants is set
forth in the proxy statement, dated May 1, 2015, and supplemental
proxy materials, dated May 20, 2015, for BBCN Bancorp’s 2015 annual
meeting of stockholders, as filed with the SEC on Schedules 14A.
Information concerning Wilshire Bancorp’s participants is set forth
in the proxy statement, dated April 9, 2015, for Wilshire Bancorp’s
2015 annual meeting of stockholders as filed with the SEC on
Schedule 14A. Additional information regarding the interests of
participants of BBCN Bancorp and Wilshire Bancorp in the
solicitation of proxies in respect of the merger is included in the
preliminary Registration Statement and Joint Proxy
Statement/Prospectus filed with the SEC.
Forward-Looking Statements
This press release contains statements regarding the proposed
transaction between BBCN Bancorp and Wilshire Bancorp, the
community goals and commitments to be implemented upon consummation
of the merger, the timetable for completing the transaction and
implementing such goals and commitments, and other statements about
the future expectations, beliefs, goals, plans or prospects of the
management of each of BBCN Bancorp and Wilshire Bancorp.
These statements are based on current expectations, estimates,
forecasts and projections and management assumptions about the
future performance of each of BBCN Bancorp, Wilshire Bancorp and
the combined company, as well as the businesses and markets in
which they do and are expected to operate. These statements
constitute forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Words such
as “expects,” “believes,” “estimates,” “anticipates,” “targets,”
“goals,” “projects,” “intends,” “plans, “seeks,” and variations of
such words and similar expressions are intended to identify such
forward-looking statements which are not statements of historical
fact. These forward-looking statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to assess. Actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The closing of the proposed
transaction is subject to regulatory approvals, the approval of the
shareholders of both BBCN Bancorp and Wilshire Bancorp, and other
customary closing conditions. There is no assurance that such
conditions will be met or that the proposed transaction will be
consummated within the expected time frame, or at all. If the
transaction is consummated, factors that may cause actual outcomes
to differ from what is expressed or forecasted in these
forward-looking statements include, among things: difficulties and
delays in integrating BBCN Bancorp and Wilshire Bancorp and
achieving anticipated synergies, cost savings and other benefits
from the transaction; higher than anticipated transaction costs;
deposit attrition, operating costs, customer loss and business
disruption following the merger, including difficulties in
maintaining relationships with employees, may be greater than
expected; required governmental approvals of the merger may not be
obtained on its proposed terms and schedule, or without regulatory
constraints that may limit growth; competitive pressures among
depository and other financial institutions may increase
significantly and have an effect on revenues; the strength of the
United States economy in general, and of the local economies in
which the combined company will operate, may be different than
expected, which could result in, among other things, a
deterioration in credit quality or a reduced demand for credit and
have a negative effect on the combined company’s loan portfolio and
allowance for loan losses; changes in the U.S. legal and regulatory
framework; and adverse conditions in the stock market, the public
debt market and other capital markets (including changes in
interest rate conditions) which would negatively affect the
combined company’s business and operating results.
For a more complete list and description of such risks and
uncertainties, refer to BBCN Bancorp’s Form 10-K for the year ended
December 31, 2015, and Wilshire Bancorp’s Form 10-K for the year
ended December 31, 2015, as well as other filings made by BBCN
Bancorp and Wilshire Bancorp with the SEC. Except as required under
the U.S. federal securities laws and the rules and regulations of
the SEC, BBCN Bancorp and Wilshire Bancorp disclaim any intention
or obligation to update any forward-looking statements after the
distribution of this press release, whether as a result of new
information, future events, developments, changes in assumptions or
otherwise.
Jimmy Lee
Jimmy.Lee@BBCNBank.com
(213) 235-3076
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