EL SEGUNDO, Calif.--(BUSINESS WIRE)--Manhattan Bancorp (OTCBB: MNHN) and Bank of Manhattan, N.A. today announced the signing of an asset purchase agreement with Wilshire Bancorp, Inc. (NASDAQ: WIBC) (“Wilshire”) in which Wilshire will acquire certain assets and assume certain liabilities of Bank of Manhattan’s Mortgage Lending Division. Headquartered in Los Angeles, Wilshire Bancorp is the parent company of Wilshire Bank, a community bank with a focus on commercial real estate lending and general commercial banking.
Rick Sowers, President and COO of Bank of Manhattan stated, “We are pleased to have found such a strong partner in Wilshire Bancorp that has the resources to manage and operate the Mortgage business and service our clients. We, along with our merger partner Plaza Bank, are looking forward to intensifying our focus on our core competency – commercial and private banking.”
Consummation of the transaction is subject to the satisfaction of general closing conditions. The transaction is expected to close on February 27, 2015.
“Our primary focus continues to be, as it has always been, on best serving our clients and creating value for our shareholders,” Sowers said.
Russell Hossain, Bank of Manhattan’s Executive Vice President, Mortgage Lending, added: “Bank of Manhattan will honor all contractual commitments for mortgage loans that are currently in process and continue to provide outstanding service.”
“The assets and personnel we are adding from the Mortgage Lending Division will be a strong complement to our existing residential mortgage platform,” said Jae Whan (J.W.) Yoo, President and Chief Executive Officer of Wilshire Bancorp. “We look forward to providing a seamless transition for our new mortgage customers and delivering the highest quality of service.”
First formed in 2010, the Mortgage Lending Division has primarily offered conforming, super-conforming and jumbo residential mortgage products, and has originated over $3.0 billion in residential loans since 2012. The purchase substantially increases Wilshire’s residential mortgage origination platform and further diversifies its loan portfolio.
About Bank of Manhattan
Bank of Manhattan is a full service bank headquartered in the South Bay area of Los Angeles, Calif. Founded in 2007, Bank of Manhattan specializes in delivering relationship banking services to entrepreneurs, family-owned and closely-held middle market businesses, real estate investors and professional service firms. Bank of Manhattan is a wholly owned subsidiary of Manhattan Bancorp.
This press release may contain forward-looking statements regarding Manhattan Bancorp, Bank of Manhattan, Wilshire Bancorp, Wilshire Bank and the proposed sale of Bank of Manhattan’s mortgage division. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of the parties to consummate the sale on the of the mortgage division on terms acceptable to Bank of Manhattan, or at all, and the ability of the parties to satisfy the conditions to the closing of the sale.
Manhattan Bancorp and Bank of Manhattan undertake no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.