Wilshire Bank Announces Receipt of Regulatory Approval for Acquisition of Saehan Bank

Wilshire Bank Announces Receipt of Regulatory Approval for Acquisition of
Saehan Bank

LOS ANGELES, Oct. 15, 2013 (GLOBE NEWSWIRE) -- Wilshire Bank (the "Bank"), the
wholly-owned subsidiary of Wilshire Bancorp, Inc. (Nasdaq:WIBC) (the
"Company"), announced today that on October 9, 2013, the Bank received notice
from the California Department of Business Oversight (the "DBO") that
effective September 30, 2013, the DBO approved Wilshire Bank's proposal to
acquire Saehan Bank pursuant to the merger of Saehan Bank with and into
Wilshire Bank. The Company previously received the necessary regulatory
approvals for the merger from each of the Board of Governors of the Federal
Reserve System and the Federal Deposit Insurance Corporation. All bank
regulatory approvals required in connection with the merger have now been
obtained.

Wilshire Bank Logo

Completion of the merger remains subject to approval by shareholders of Saehan
at its special shareholders' meeting to be held on November 5, 2013, as well
as to other customary closing conditions.

ABOUT WILSHIRE BANCORP

Headquartered in Los Angeles, Wilshire Bancorp is the parent company of
Wilshire Bank, which operates 28 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, and is an SBA preferred lender nationwide. Wilshire State Bank
is a community bank with a focus on commercial real estate lending and general
commercial banking, with its primary market encompassing the multi-ethnic
populations of the Los Angeles Metropolitan area. For more information, please
go to www.wilshirebank.com.

ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER WITH SAEHAN AND WHERE TO FIND
IT

This communication relates or may be deemed to relate to a proposed merger
between Wilshire and Saehan Bancorp ("Saehan") that is the subject of a
registration statement on Form S-4, including a proxy statement/prospectus,
filed with the SEC on September 3, 2013 (No. 333-190971), as amended by
Amendment No. 1 thereto, and declared effective by the SEC on October 1, 2013,
that provides full details of the proposed merger and the attendant benefits
and risks. The proxy statement/prospectus was filed with the SEC on October 2,
2013 and was mailed to Saehan shareholders on or about October 7, 2013. This
communication is not a substitute for the proxy statement/prospectus or any
other document that Wilshire or Saehan may file with the SEC or send to their
shareholders in connection with the proposed merger. Investors and security
holders are urged to read the registration statement on Form S-4, including
the definitive proxy statement/prospectus, and all other relevant documents
filed with the SEC or sent to shareholders as they become available because
they will contain important information about the proposed merger. All
documents, when filed, will be available free of charge at the SEC's website
(www.sec.gov). You may also obtain these documents by contacting Wilshire's
Corporate Secretary, at Wilshire Bancorp, Inc., 3200 Wilshire Boulevard, Los
Angeles, California 90010, or via e-mail at alexko@wilshirebank.com. 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.

ABOUT SAEHAN BANCORP

Saehan Bancorp is a bank holding company with headquarters in Los Angeles,
California. Its wholly owned subsidiary, Saehan Bank, offers a comprehensive
range of financial solutions to meet the needs of multi-ethnic communities in
the United States. Saehan Bancorp is committed to satisfying customers and
creating shareholder value. Its ten retail branch offices, International
Department and SBA Department focus on fulfilling these commitments to
customers and shareholders.

FORWARD-LOOKING STATEMENTS

Statements concerning future performance, events, or any other guidance on
future periods constitute forward-looking statements that are subject to a
number of risks and uncertainties that might cause actual results to differ
materially from stated expectations. Such forward-looking statements include,
but are not limited to, statements about the benefits of the proposed
transaction involving Wilshire and Saehan including future financial and
operating results, Wilshire's or Saehan's plans, objectives, expectations and
intentions, the expected timing of completion of the transaction, and other
statements that are not historical facts. Important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements include risks and uncertainties relating to: (i)
the ability to obtain the requisite Saehan shareholder approvals; (ii) the
risk that Wilshire or Saehan may be unable to obtain governmental and
regulatory approvals required for the transaction, or required governmental
and regulatory approvals may delay the transaction or result in the imposition
of conditions that could cause the parties to abandon the transaction; (iii)
the risk that a condition to closing of the transaction may not be satisfied;
(iv) the timing to consummate the proposed transaction; (v) the risk that the
businesses will not be integrated successfully; (vi) the risk that the cost
savings and any other synergies from the transaction may not be fully realized
or may take longer to realize than expected; (vii) disruption from the
transaction making it more difficult to maintain relationships with customers,
employees or vendors; (viii) the diversion of management time on
transaction-related issues; (ix) general worldwide economic conditions and
related uncertainties; (x) the effect of changes in governmental regulations;
(xi) credit risk associated with an obligor's failure to meet the terms of any
contract with the bank or to otherwise perform as agreed; (xii) interest risk
involving the effect of a change in interest rates on both the bank's earnings
and the market value of the portfolio equity; (xiii) liquidity risk affecting
the bank's ability to meet its obligations when they come due; (xiv) price
risk focusing on changes in market factors that may affect the value of traded
instruments in "mark-to-market" portfolios; (xv) transaction risk arising from
problems with service or product delivery; (xvi) compliance risk involving
risk to earnings or capital resulting from violations of or nonconformance
with laws, rules, regulations, prescribed practices, or ethical standards;
(xvii) strategic risk resulting from adverse business decisions or improper
implementation of business decisions; (xviii) reputation risk that adversely
affects earnings or capital arising from negative public opinion; (xix)
terrorist activities risk that results in loss of consumer confidence and
economic disruptions; (xx) economic downturn risk resulting in deterioration
in the credit markets; (xxi) greater than expected noninterest expenses;
(xxii) excessive loan losses; and (xxiii) other factors we discuss or refer to
in the "Risk Factors" section of our most recent Annual Report on Form 10-K
filed with the SEC. Additional risks and uncertainties are identified and
discussed in Wilshire's reports filed with the SEC and available at the SEC's
website at www.sec.gov. Each forward-looking statement speaks only as of the
date of the particular statement and Wilshire undertakes no obligation to
update or revise its forward-looking statements, whether as a result of new
information, future events or otherwise.

PARTICIPANTS IN THE SOLICITATION

Wilshire, Saehan and their respective directors and executive officers may be
deemed to be participants in any solicitation of proxies in connection with
the proposed merger. Information regarding the participants in the proxy
solicitation and a description of their direct and indirect interests, by
security holdings or otherwise, are contained in the proxy
statement/prospectus and other relevant materials filed or to be filed with
the SEC regarding the merger, in each case when they become available.
Investors should read carefully the proxy statement/prospectus filed with the
SEC on October 2, 2013 before making any voting or investment decisions.

CONTACT: Wilshire Bancorp, Inc.
         Alex Ko, EVP & CFO, (213) 427-6560
         www.wilshirebank.com
 
Press spacebar to pause and continue. Press esc to stop.