January 29, 2008 |
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.
August 5, 2007 |
Dominic Ng, chairman and chief executive of Pasadena's East West Bancorp, has crashed into roadblocks before on his mission to build cultural bridges. But Ng wasn't prepared for the one he hit -- or, rather, that hit him -- when East West moved to acquire a small financial institution in Victorville.
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.