Los Angeles-based Wilshire Bancorp (NASDAQ:WIBC) is acquiring some Korean banking customers... in New Jersey.
On Monday, Wilshire announced that it has signed a definitive agreement to acquire New Jersey's BankAsiana, a commercial bank with three branches serving the Korean-American community in the New York/New Jersey market, boasting total assets of $207.3 million, total net loans of $161.2 million, and total deposits of $164.6 million.
Wilshire is paying $32.5 million cash to acquire BankAsiana in a deal expected to close before the end of the year.
Wilshire Chief Executive Officer Jae Whan Yoo said in a statement: "We believe the acquisition of BankAsiana offers significant financial and strategic benefits for Wilshire Bancorp. ... BankAsiana has a healthy, strong and attractive balance sheet and is a proven developer of new business relationships."
Additionally, Yoo noted that "there is significant overlap in our operations that we believe provides meaningful opportunities to enhance our overall efficiency."
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