Wilshire Bancorp, Inc., a California State-Chartered Bank, through its primary subsidiary, Wilshire State Bank, offers full service branch banking in areas with Korean immigrants. The Bank has 20 full service branches in California, New Jersey, New York and Texas. It is headquartered in Los Angeles, CA. Wilshire State Bank is a community focused bank with deposits of $1.76 billion and is completely insured by the FDIC. The Bank is not a member of the Federal Reserve System.
For consumer banking, the Bank offers checking, savings, CDs, home mortgage loans, credit cards and other simple financial transactions, such as wire transfers and online banking. Consumer banking products are also offered to business clients, with addition services such as Small Business Loans (SBA Loans) and trade finance. Lending activities take place in the same areas as branch banking as well as Colorado, Georgia, Virginia and Washington.
While the Bank serves Korean immigrants for the most part, it also serves Vietnamese and Hispanic communities in Southern California. It specifically serves the three ethnic communities by operating the retail bank with employees who can converse Korean, Spanish and Vietnamese.
On December 12, 2008, the Bank received $62 million from the Troubled Asset Relief Program. It has yet to return these funds. In 2008, the Bank earned $26 million on $169 million in revenue, giving it a return of 15%. However, while its revenue grew about 1%, its net income decreased 22%.
During the second quarter of 2011, the Bank raise more capital through equities, further diluting the share price.
Other banks that are competing with similar strategies and similar market capitalization are Cathay General Bancorp., Sterling Financial Corp., Bank of Marin Bancorp., 1st Pacific Bancorp.