Saehan Bancorp and Wilshire Bancorp Announce Shareholder Approval of Merger and Election Deadline

Saehan Bancorp and Wilshire Bancorp Announce Shareholder Approval of Merger
and Election Deadline

LOS ANGELES, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Saehan Bancorp (OTCQB:SAEB), the
parent company of Saehan Bank, and Wilshire Bancorp, Inc. (Nasdaq:WIBC), the
parent company of Wilshire Bank, today jointly announced that the shareholders
of Saehan Bancorp approved the completion of the previously announced merger,
under which Wilshire Bancorp will acquire Saehan Bancorp. More than 99% of the
shares voting at Saehan's special meeting voted in favor of the merger,
representing more than 77% of all outstanding shares of Saehan Bancorp.

Wilshire and Saehan also announced today that the deadline for Saehan's
shareholders to elect the form of consideration that they will receive upon
the closing of the merger has been set for 5:00 P.M. Pacific Time on November
12, 2013 (the "Election Deadline"). Upon completion of the merger, each share
of Saehan common stock will be converted into the right to receive merger
consideration consisting of either (i) shares of Wilshire common stock, (ii)
cash, or (iii) a unit consisting of a mix of Wilshire common stock and cash,
pursuant to the terms of the merger agreement.

Elections can be made by mailing a completed form of election (the "Election
Statement"), which was previously mailed to each Saehan shareholder, to
Computershare Trust Company, N.A., the Exchange Agent in the merger, at P.O.
Box 43011, Providence, Rhode Island02940-3011. All inquiries with respect
to the completion of the Election Statement, including requests for additional
copies of the Election Statement, may be made directly to the Exchange Agent
at 1-855-396-2048 within the USA, U.S. Territories and Canada or at
781-575-2765 outside the USA, U.S. Territories and Canada.If you hold your
Saehan shares through a broker, bank, trustee or other nominee, you should
contact your broker, bank, trustee or other nominee for instructions on how to
make an election or with questions and inquiries with respect to the
completion of the Election Statement.

If a Saehan shareholder fails to submit an Election Statement to the Exchange
Agent prior to theElection Deadline, or if an Election Statement is
improperly completed and/or is not signed, such shareholder may receive cash,
shares of Wilshire common stock or a mix of cash and shares of Wilshire common
stock depending on, and after giving effect to, the proration and allocation
procedures set forth in the merger agreement and the number of valid cash
elections and stock elections that have been made by other Saehan

The merger has received the requisite regulatory approvals required and is
expected to be completed on or about November 20, 2013.


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 nine loan production offices in Dallas and Houston,
TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, New York, New York,
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


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.For more information, please go to


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 risk that a condition to closing of the transaction may not be satisfied;
(ii) the timing to consummate the proposed transaction; (iii) the risk that
the businesses will not be integrated successfully; (iv) 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; (v) disruption from the
transaction making it more difficult to maintain relationships with customers,
employees or vendors; (vi) the diversion of management time on
transaction-related issues; (vii) general worldwide economic conditions and
related uncertainties; (viii) the effect of changes in governmental
regulations; (ix) credit risk associated with an obligor's failure to meet the
terms of any contract with the bank or to otherwise perform as agreed; (x)
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; (xi) liquidity
risk affecting the bank's ability to meet its obligations when they come due;
(xii) price risk focusing on changes in market factors that may affect the
value of traded instruments in "mark-to-market" portfolios; (xiii) transaction
risk arising from problems with service or product delivery; (xiv) compliance
risk involving risk to earnings or capital resulting from violations of or
nonconformance with laws, rules, regulations, prescribed practices, or ethical
standards; (xv) strategic risk resulting from adverse business decisions or
improper implementation of business decisions; (xvi) reputation risk that
adversely affects earnings or capital arising from negative public opinion;
(xvii) terrorist activities risk that results in loss of consumer confidence
and economic disruptions; (xviii) economic downturn risk resulting in
deterioration in the credit markets; (xix) greater than expected noninterest
expenses; (xx) excessive loan losses; and (xxi) other factors
Wilshirediscusses or refers to in the "Risk Factors" section of its 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 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.


This communication relates to a proposed merger between Wilshire and Saehan
that is the subject of a registration statement, 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 sent 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 other relevant documents filed with the SEC or sent to shareholders
because they contain important information about the proposed merger.All
documents, including the registration statement, are available free of charge
at the SEC's website ( 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 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.

CONTACT: For Wilshire Bancorp:
         Alex Ko, EVP & CFO
         (213) 427-6560
         For Saehan Bancorp:
         Daniel Kim, Acting President & CFO
         (213) 637-4802
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