East West Bancorp (EWBC) Acquires Banking Operations of United Commercial Bank; To Receive $10.4B in Assets

November 9, 2009 9:19 AM EST

East West Bancorp, Inc. (NASDAQ: EWBC) announced today that it has acquired the banking operations of San Francisco, California based United Commercial Bank (UCB) in a Federal Deposit Insurance Corporation (FDIC) assisted transaction. Under the terms of the transaction, East West will receive $10.4 billion in assets, including $7.7 billion in loans, and assume $9.2 billion in liabilities, including $6.5 billion in deposits of UCB. The FDIC and East West have entered into a loss sharing agreement covering substantially all acquired loans.

This strategically compelling and financially attractive transaction creates the second largest independent bank headquartered in California and the largest bank in the nation focused on serving the Asian American community. East West Bank, now over $19 billion in assets, operates 137 branches worldwide, including 112 branches in California and 21 branches in key markets across the country, including New York, Atlanta, Boston, Houston, and Seattle. East West operates four full-service branches in Greater China, including two branches in Hong Kong, and branches in Shanghai and Shantou. The bank also has representative offices in Beijing, Guangzhou, Shanghai and Shenzhen, China, and Taipei, Taiwan. The Shanghai, China, subsidiary of United Commercial (UCB-China), was also part of today's transaction. The agreement between the FDIC and East West Bank will not affect the normal business operation of UCB-China. East West Bank will extend support to UCB-China where necessary.

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Mergers and Acquisitions

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• UBS
• FDIC

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