Managing three branches, which serve the Korean-American community in the New York/New Jersey market, BankAsiana had total assets of $207.3m, total net loans of $161.2 m and total deposits of $164.6m, as of 31 March 2013.
Following completion of the transaction that has been valued at nearly $32.5m in cash, the acquired enterprise will merge into Wilshire State Bank.
Pending receipt of regulatory approvals, including BankAsiana’s shareholders as well as satisfying other customary closing conditions, the transaction is anticipated to close before the end of 2013.
Wilshire Bancorp and Wilshire State Bank president and CEO Jae Whan Yoo said that the acquisition will further diversify the loan portfolio and providing greater exposure to fast growing market segments with expanded customer base in New York and New Jersey.
BankAsiana president and CEO Hong Sik Hur commented, "We will be able to offer our customers a broader suite of products and services, and have the financial capacity to accommodate their larger borrowing needs."
Wilshire State Bank manages 25 branch offices in California, Texas, New Jersey and New York, and eight loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, and Bellevue, WA.