LOS ANGELES, April 15, 2014 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC), the parent company of Wilshire Bank, has been named one of America's 50 Most Trustworthy Financial Companies by Forbes. The inaugural list recognizes banks and insurance companies that have distinguished themselves with outstanding governance and transparency in financial reporting.
The list is compiled for Forbes by GMI Ratings, a firm that provides global research coverage of the environmental, social, governance and accounting-related risks affecting the performance of public companies. In compiling the list of most trustworthy financial companies, GMI reviews the accounting and governance behaviors of publicly traded companies in North America and considers factors including high-risk events, revenue and expense recognition methods, SEC actions, and bankruptcy risk as indicators of a company's credibility.
"It is a great honor to be recognized by Forbes as one of the most trustworthy financial companies in the United States," said Jae Whan (J.W.) Yoo, President and CEO of Wilshire Bancorp. "We are committed to acting with integrity and the highest ethical standards in all aspects of our operations, and it is very satisfying to be recognized for the high standards we have set."
To view the entire list of Forbes' 50 Most Trustworthy Financial Companies, go to:
Headquartered in Los Angeles, Wilshire Bancorp is the parent company of Wilshire Bank, which operates 37 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, Newark, CA, New York, NY, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire 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.
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. Undue reliance should not be placed on forward-looking statements, as they are subject to risks and uncertainties, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K and our other filings made from time to time with the Securities and Exchange Commission. Specific factors that could cause future results to differ materially from historical performance and these forward-looking statements include, but are not limited to: (1) loan production and sales, (2) credit quality, (3) the ability to expand net interest margin, (4) the ability to continue to attract low-cost deposits, (5) success of expansion efforts, (6) competition in the marketplace, (7) political developments, war or other hostilities, (8) changes in the interest rate environment, (9) the ability of our borrowers to repay their loans, (10) the ability to maintain capital requirements and adequate sources of liquidity, (11) effects of or changes in accounting policies, (12) legislative or regulatory changes or actions, (13) the ability to attract and retain key personnel, (14) the ability to receive dividends from our subsidiaries, (15) the ability to secure confidential information through the use of computer systems and telecommunications networks, (16) weakening in the economy, specifically the real estate market, either nationally or in the states in which we do business, and (17) general economic conditions. Additional information on these and other factors that could affect financial results are included in filings by Wilshire Bancorp with the Securities and Exchange Commission.
WILSHIRE BANCORP, INC. Alex Ko, EVP & CFO, (213) 427-6560 www.wilshirebank.com