Wilshire Bancorp (WIBC) Expects Q2 Net Loss, To Temporary Suspend Dividend

Published Thu, 01 Jul 2010 16:04:35 -0400 on StreetInsider

Wilshire Bancorp, Inc. (WIBC), the holding company for Wilshire State Bank, announced today that it expects to record a net loss for the second quarter of 2010. The net loss is primarily attributable to an elevated provision for loanlosses and an increase in net loan charge-offs. Net loan charge-offs increased in the second quarter of 2010 due to write-downs that resulted from sales of non-performing and delinquent loans.
In light of the net loss expected for the second quarter of 2010 and the expectation that credit costs will remain elevated for the foreseeable future, the Board of Directors of Wilshire Bancorp approved the temporary suspension of the Company’s common stock dividend, effective immediately.
Wilshire Bancorp expects to report its financial results for the second quarter of 2010 on July 27, 2010.... Read more