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UCBH to Buy New York Bank

October 14, 2005|From Bloomberg News

UCBH Holdings Inc., a banking company with 46 branches serving ethnic Chinese communities in California and Brooklyn, N.Y., agreed to buy New York-based Great Eastern Bank for about $103.6 million in cash and stock.

UCBH will pay $51.8 million in cash and 2.94 million of its shares for Great Eastern, which had $309.9 million in assets as of June 30, San Francisco-based UCBH said Thursday.

The acquisition, scheduled to be completed by March, will give UCBH nine branches in New York, up from four, and will increase earnings starting next year, the company said.

UCBH shares fell 7 cents to $16.87.

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