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Wilshire Bancorp Inc Announces Acquisition Of BankAsiana

Monday, 10 Jun 2013 12:05am EDT 

Wilshire Bancorp Inc announced the signing of a definitive agreement under which Wilshire will acquire BankAsiana. BankAsiana is a New Jersey state chartered commercial bank with three branches serving the Korean-American community in the New York/New Jersey market. As of March 31, 2013, BankAsiana had total assets of $207.3 million, total net loans of $161.2 million and total deposits of $164.6 million. The transaction is structured as a series of mergers in which BankAsiana will ultimately merge into Wilshire State Bank, with Wilshire State Bank as the surviving entity. Under terms of the definitive agreement, the transaction is valued at approximately $32.5 million, which will be paid to BankAsiana shareholders and option holders in cash. The transaction is expected to close before the end of 2013, and is subject to approval by the shareholders of BankAsiana, applicable bank and other regulatory approvals and the satisfaction of other customary closing conditions. 

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