Wilshire Bancorp selling 36.4M shares of stock

AP News
Posted: May 12, 2011 9:55 AM
Wilshire Bancorp selling 36.4M shares of stock

Wilshire Bancorp Inc. said Thursday it is selling 36.4 million shares of stock for $2.75 each.

The bank holding company is expecting $100 million in gross proceeds, and said it will use the money for additional capital, satisfying cash needs, and general corporate purposes. The underwriters of the offering will have the option to buy another 5.5 million shares to cover excess demand. Wilshire expects the offering to close by May 17.

The company's shares closed at $3.06 Wednesday, meaning Wilshire is selling the stock at a discount of 10 percent. Its shares lost 22 cents, or 7 percent, to $2.84 in pre-market trading.

JPMorgan Securities will be the lead underwriter of the offering, and Macquarie Capital will be the co-manager. Wilshire said on Monday that it planned to sell $100 million in stock.