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East West Bancorp Inc

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BUSINESS
August 15, 2002 | Bloomberg News
East West Bancorp Inc. settled a suit that claimed a unit of Wachovia Corp. broke a promise to provide analyst coverage for the company's stock in exchange for managing a $10-million securities offering. Terms of the agreement are confidential, said Doug Krause, East West's general counsel. Los Angeles Superior Court Judge Alban Niles dismissed the suit after notice of the private settlement. The lawsuit was initially filed against First Union Corp., which acquired Wachovia last year.
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BUSINESS
January 28, 2010 | By E. Scott Reckard
When East West Bancorp Inc. acquired failed rival United Commercial Bank in November, analysts applauded. But they still expected the Pasadena bank to report year-end losses as it worked its way through the commercial loan problems gnawing at regional financial firms. East West, now the largest banker in the Chinese American niche, instead reported a profit late Tuesday for the fourth quarter and 2009. The firm said San Francisco-based United Commercial's loan troubles were less severe than estimated when the takeover deal with the Federal Deposit Insurance Corp.
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BUSINESS
December 22, 1999 | From Reuters
East West Bancorp Inc., a San Marino-based bank with deposits of about $1.35 billion, said Tuesday that 1999 earnings per share may rise above analysts' estimates.
BUSINESS
January 29, 2008 | E. Scott Reckard, Times Staff Writer
Saying the sagging economy was taking a toll, East West Bancorp reported a rare decline in profit Monday and slashed its estimate of 2008 earnings by 20%. After a $9-million provision for loan losses, the Pasadena-based business lender earned $37.2 million, or 59 cents a share, in the fourth quarter, down 5% from $39.1 million, or 63 cents, a year earlier. Revenue rose 10% to $215.4 million.
BUSINESS
May 23, 1999 | (Dow Jones)
East West Bancorp Inc. in San Marino said it sold the Irvine branch of its East West Bank unit to People's Bank of California for $743,000. East West Bancorp said the branch had deposits of $17 million. East West Bancorp, with $2 billion in assets as of March 31, operates 22 branches in four California counties. People's Bank of California, with $3.3 billion in assets as of March 31, operates 20 branches in three counties in Southern California.
BUSINESS
January 25, 2007 | E. Scott Reckard
East West Bancorp Inc. of Pasadena reported 27% higher fourth-quarter profit, citing solid growth in loans. East West earned $39.1 million, or 63 cents a share, up from $30.8 million, or 54 cents, a year ago. Loans totaled $8.2 billion, up 22% from a year earlier. The bank's annual profit rose to $143.4 million, or $2.35 a share, from $108.4 million, or $1.97.
BUSINESS
July 2, 2005 | Josh Friedman
Shares of East West Bancorp Inc. rose 7% on Friday after the San Marino company said it would buy cross-town rival United National Bank for an estimated $165 million. Under terms of the deal announced late Thursday, 60% to 70% of the purchase price would be paid in stock and the rest in cash, at the seller's discretion. The deal would "further solidify" East West Bank's position in the Chinese American market, its parent company said.
BUSINESS
January 12, 2000
* East-West Bancorp Inc., the San Marino-based parent of East West Bank, has appointed Peter Yue executive vice president, director of retail banking. Yue will be responsible for managing the continued development of the bank's branch network, retail operations and retail branch marketing. He replaces William Chu, who was recently named president and chief executive of Los Angeles Community Development Bank. East-West Bank is one of the largest U.S.
BUSINESS
January 13, 2003 | E. Scott Reckard
East West Bancorp Inc., the San Marino-based banking company whose clients mainly are ethnic Chinese, will announce today that it has opened a representative office in Beijing. Since East West specializes in trade finance, the Beijing facility will be "a great service for their customers, like a business office with access to all your finances," said Mark Agah, a banking analyst with RBC Capital Markets in San Francisco.
BUSINESS
January 28, 2010 | By E. Scott Reckard
When East West Bancorp Inc. acquired failed rival United Commercial Bank in November, analysts applauded. But they still expected the Pasadena bank to report year-end losses as it worked its way through the commercial loan problems gnawing at regional financial firms. East West, now the largest banker in the Chinese American niche, instead reported a profit late Tuesday for the fourth quarter and 2009. The firm said San Francisco-based United Commercial's loan troubles were less severe than estimated when the takeover deal with the Federal Deposit Insurance Corp.
BUSINESS
July 19, 2007 | E. Scott Reckard, Times Staff Writer
Washington Mutual Inc., the nation's largest savings and loan, Wednesday posted an 8% increase in second-quarter earnings and said it would quit making certain risky loans to borrowers with blotchy credit. City National Corp. of Beverly Hills, the largest commercial bank based in Southern California, said profit rose 1%. Pasadena's East West Bancorp, the second-largest Southland bank, beat expectations with a 10% gain. But Downey Financial Corp., a Newport Beach S&L, said net income slid 32%.
BUSINESS
June 7, 2007 | E. Scott Reckard, Times Staff Writer
An advocacy group Wednesday chastised Pasadena's East West Bancorp, saying the company gave too little to charity and made too few small loans to non-Chinese minority businesses. The criticism opened an unusual rift between the Greenlining Institute and East West Chairman Dominic Ng, who is known for his personal philanthropy. Ng accused Greenlining, a onetime ally, of trying to strong-arm him into committing funds to groups without first carefully checking their credentials.
BUSINESS
April 25, 2007 | E. Scott Reckard, Times Staff Writer
East West Bancorp, a Chinese American bank expanding into Southern California's business mainstream, said Tuesday that it would purchase Victorville-based Desert Community Bank for $143 million, with 45% in cash and the rest in stock. Desert Community Chairman Ronald L. Wilson will stay on at the nine-branch bank, the largest in the high desert of San Bernardino County. The bank, focused on small businesses, will keep its name because the franchise is strong, executives said.
BUSINESS
January 25, 2007 | E. Scott Reckard
East West Bancorp Inc. of Pasadena reported 27% higher fourth-quarter profit, citing solid growth in loans. East West earned $39.1 million, or 63 cents a share, up from $30.8 million, or 54 cents, a year ago. Loans totaled $8.2 billion, up 22% from a year earlier. The bank's annual profit rose to $143.4 million, or $2.35 a share, from $108.4 million, or $1.97.
BUSINESS
December 4, 2006 | E. Scott Reckard, Times Staff Writer
Not long ago there would have been little reason for Cathay General Bancorp in Los Angeles' Chinatown to acquire a one-branch, struggling Chinese American bank in New Jersey. It was a matter of first things first. Starting in 1999, Cathay sought to expand by targeting the growing Chinese American population in New York, buying other banks and opening new branches in Manhattan, Brooklyn and Queens.
BUSINESS
January 26, 2006
East West Bancorp's fourth-quarter profit rose from $22.6 million, or 42 cents a share, to $30.8 million, or 54 cents, on strong loan growth. For the year, the San Marino bank earned $108.4 million, or $1.97 a share, up 39% from $78 million, or $1.49.
BUSINESS
April 16, 2005 | E. Scott Reckard, Times Staff Writer
East West Bancorp Inc. reported 39% higher first-quarter earnings Friday, but its stock tumbled as investors fretted that competition was forcing the San Marino bank to pay depositors higher interest. The Chinese American bank, which has been expanding into mainstream banking, earned $23.5 million, or 44 cents a share, up from $16.9 million, or 33 cents, in the first quarter of 2004. But its stock fell $2.62 a share, or 7.6%, to $31.87 on Nasdaq.
BUSINESS
December 30, 2005 | From Reuters
East West Bancorp Inc. said it agreed to buy rival California community bank Standard Bank for about $204 million in a move to expand its Chinese American customer base. Shareholders of Monterey Park-based Standard Bank will receive $204 million -- about two times Standard Bank's book value -- mostly in East West stock. The transaction, expected to close in the first quarter of 2006, will add about 2 cents a share to San Marino-based East West's earnings, the company said Wednesday.
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