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UCBH in Talks With Bank of Canton

July 04, 2002|Bloomberg News

UCBH Holdings Inc. said it will buy 25% of privately held Bank of Canton of California for $48 million in stock and is in talks to acquire the remaining 75% to expand its business with Chinese customers in Los Angeles and San Francisco.

UCBH, parent of United Commercial Bank, said it can back out of buying the 25% if no deal is hammered out for the rest.

Acquiring the entire bank would increase United Commercial Bank's assets by 42% to about $4.4 billion.

Both banking companies are based in San Francisco.

UCBH stock fell $1.11 to $36.94 on Nasdaq.

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