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Last $12.23 USD
Change Today +0.02 / 0.16%
Volume 172.7K
WIBC On Other Exchanges
As of 5:10 PM 11/27/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

3200 Wilshire Boulevard

Los Angeles, CA 90010

United States

Phone: 213-387-3200

Fax: 213-427-6562

Wilshire Bancorp, Inc. operates as the holding company for Wilshire Bank that offers a range of financial products and services. The company engages in full complement of lending activities, including: commercial real estate and home mortgage lending; commercial business lending and warehouse lending; Small Business Administration (SBA) lending; consumer loans; trade finance; and construction lending. The company operates branch offices as follows: 23 in California, 3 in Texas, 4 in New Jersey, and 4 in the greater New York City metropolitan area. Real Estate Loans and Home Mortgages The company offers commercial real estate loans to finance the acquisition of, or to refinance the existing mortgages on commercial properties, which include retail shopping centers, office buildings, industrial buildings, warehouses, hotels, automotive industry facilities, apartment buildings, and other commercial properties. The company’s commercial real estate loans are collateralized by first or junior deeds of trust on specific commercial properties, and when possible, subject to corporate or individual guarantees from financially capable parties. The properties collateralizing real estate loans are principally located in the markets where its retail branches are located. These locations include southern California, Texas, New Jersey, and the greater New York City metropolitan area. The company also provides commercial real estate loans through its LPOs (loan production offices). Commercial real estate loans have 7-year maturities with up to 25-year amortization of principal and interest and loan-to-value ratios of 60-70% at origination of the appraised value or purchase price, whichever is lower. Construction loans are provided to build new structures, or to substantially improve the existing structure of commercial, residential, and other income-producing properties. These loans generally have one to two year terms, with an option to extend the loan for additional periods to complete construction and to accommodate the lease-up period. Commercial Business and Warehouse Lending The company offers commercial business loans to business entities such as sole proprietorships, partnerships, and corporations. These loans include business lines of credit and business term loans to finance operations, to provide working capital, or for specific purposes, such as to finance the purchase of assets, equipment, or inventory. These lines of credit are secured primarily by business assets, such as accounts receivable or inventory, and have a maturity of one year or less. The company also provides warehouse lines of credit to mortgage loan originators. The lines of credit are used by these originators to fund mortgages which are then pledged to the bank as collateral until the mortgage loans are sold and the lines of credit are paid down. Business term loans are made to finance the acquisition of fixed assets, refinance short-term debts, or to finance the purchase of businesses. Business term loans have terms from one to seven years. The company also provides other banking services modified to the small business market. Small Business Administration Lending Services The company’s SBA lending places an emphasis on minority-owned businesses. Its SBA market area includes the geographic areas encompassed by its full-service banking offices in southern California, Texas, New Jersey, and the New York City metropolitan area, as well as the multi-ethnic population areas surrounding its LPOs in other states. The company is an SBA Preferred Lender nationwide, which permits the company to approve SBA guaranteed loans in all its lending areas without further approval from the SBA. Consumer Loans Consumer loans include personal loans, auto loans, and other loans typically made by banks to individual borrowers. The majority of consumer loans are concentrated on personal lines of credit and installment loans to individuals. Trade Finance Services The company’s Trade Finance Department assists its import/export customers with their international business needs. The department primarily deals in letters of credit issued to

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