Wilshire Bancorp (WIBC) announced it will acquire certain assets and assume certain liabilities of Bank of Manhattan’s mortgage lending division.
Los Angeles-based, Wilshire Bancorp is the parent company of Wilshire Bank, a community bank with a focus on commercial real estate lending and general commercial banking.
Under the agreement, Bank of Manhattan will honor all contractual commitments for mortgage loans that are currently in process.
“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 Yoo, president and CEO of Wilshire Bancorp. “We look forward to providing a seamless transition for our new mortgage customers and delivering the highest quality of service.”
Bank of Manhattan’s Mortgage Lending Division was first formed in 2010 and primarily offered conforming, super-conforming and jumbo residential mortgage products, originating over $3 billion in residential loans since 2012.
“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,” said Rick Sowers, president and COO of Bank of Manhattan. “We, along with our merger partner Plaza Bank, are looking forward to intensifying our focus on our core competency – commercial and private banking.”