State Closes Mirae Bank

SAN FRANCISCO--(Business Wire)--
The California Department of Financial Institutions (DFI) announced today that
regulators have closed Mirae Bank, citing inadequate capital.

As of June 15, 2009, Mirae Bank, located in Southern California, had total
assets of approximately $411.1 million and total deposits of approximately
$338.5 million. The DFI has been closely monitoring the bank because of its
inadequate capital level. The DFI had ordered it to increase its capital
reserves to a safe and sound level but efforts by the bank to do so were
unsuccessful.

Immediately following the closure, the DFI named the Federal Deposit Insurance
Corporation (FDIC) as receiver of Mirae Bank. The depositors of Mirae Bank are
protected by the FDIC. The FDIC has accepted a bid from Wilshire State Bank to
assume all branch deposits and significantly all the assets of Mirae Bank. For
information about FDIC deposit insurance, visit www.fdic.gov or call toll-free
1-877-ASK-FDIC.

DFI supervises 700 state financial institutions. Maintaining the integrity of
financial services remains the primary mission of the Department. The DFI is
responsible for administering state laws regulating state-licensed financial
institutions: banks, credit unions, industrial banks, trust companies, offices
of foreign banks, issuers of travelers` checks and payment instruments (money
orders), and money transmitters. In addition to posting information about
licensees, the DFI Web site features consumer information on a variety of
financial topics. DFI reports to Business, Transportation & Housing Agency
Secretary Dale E. Bonner and Governor Arnold Schwarzenegger.

California Department of Financial Institutions
Alana Golden, 916-323-7012 or 916-322-5966
Public Information Officer
www.dfi.ca.gov

Copyright Business Wire 2009