In a merger of banks serving Chinese Americans, UCBH Holdings Inc. of San Francisco agreed to buy First Continental Bank of Rosemead for about $50 million in stock.
UCBH, the parent of United Commercial Bank, has $4.8 billion in assets with 11 branches in Southern California, including four from its purchase of Bank of Canton last year. Privately held First Continental has $334 million in assets and four branches.
First Continental Chairman Alan Thian will stay on, directing Southland operations for the combined bank. UCBH Chairman Thomas Wu said the deal, expected to close during the third quarter this year, will increase UCBH's per-share earnings by 1.5% in the first year.
E. Scott Reckard