Wilshire Bancorp Reinstates DividendTuesday, June 4, 2013
In another sign or recovery, Wilshire Bancorp Inc. on Tuesday announced it would resume paying a quarterly dividend at the end of the second quarter.
The parent of Wilshire State Bank said that shareholders will be paid a cash dividend of 3 cents a share on July 15. The company suspended a 5-cents-a-share dividend in April 2010.
Reinstating the dividend “reflects the consistently strong financial performance of the company," Chief Executive Jae Whan Yoo said in a statement.
Wilshire took heavy losses in 2010 and 2011, prompting scrutiny by regulators. Regulatory oversight by the Federal Reserve Bank of San Francisco was lifted in October. Despite improving conditions, Wilshire this spring reported a lower profit in the first quarter than a year earlier, although the results were still better than Wall Street expected.