July 19, 2007 |
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%.
June 7, 2007 |
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.
April 25, 2007 |
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.
January 25, 2007 |
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.
December 4, 2006 |
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.
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.