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.
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.
April 16, 2005 |
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.
July 16, 2004 |
San Marino's East West Bancorp reported 23% higher second-quarter earnings Thursday, reflecting strong growth in loans. Its Los Angeles-based rival, Cathay General Bancorp, reported a 67% jump in profit as an acquisition lifted its lending income. East West, which focuses on the Chinese American community and business loans, earned $18.03 million, or 35 cents a share, compared with $14.69 million, or 30 cents, during the same period in 2003.
June 4, 2004 |
Continuing its careful strategy of buying small banks, East West Bancorp Inc. of San Marino said Thursday that it would acquire four-branch Trust Bancorp of Monterey Park for about $33 million in stock. Buying the privately held parent of Trust Bank would expand East West's core franchise in the ethnic Chinese community.