Wilshire Bancorp, Inc (WIBC)

[56Chevy]

Wilshire Bancorp Announces Dismissal of Class Action Lawsuit

Wilshire Bancorp, Inc. (Nasdaq:WIBC), the holding company for Wilshire State Bank, announced today that the securities class action lawsuit filed against Wilshire Bancorp and certain of its current and former executives in the United States District Court for the Central District of California has been dismissed and the plaintiffs have been denied the right to re-file the action.

Separately, Wilshire Bancorp announced that in the Annual Report on Form 10-K filed today with the Securities and Exchange Commission for the year ended December 31, 2011, the Company reported that it has remediated the previously disclosed material weakness in internal controls on loan underwriting, approval, and renewal processes for certain loan originations and asset sales.

"With the dismissal of the class action lawsuit and the remediation of the material weakness, we are very pleased to have resolved two issues that required significant attention from the management team and board of directors," said Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp. "Now that these issues are behind us, we can increase our focus on other initiatives that will more directly contribute to the profitable growth of the Company."


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