January 7, 2003 |
East West Bancorp Inc. said Monday that it would buy Pacific Business Bank for $25 million in cash, the latest in a series of acquisitions of small-business lenders by the San Marino-based parent of East West Bank. Pacific Business, a four-branch, privately held bank based in Santa Fe Springs, is a lender to small manufacturing, service and distribution companies in Southern California. It has $165 million in assets and its retail clients, like those at East West, are mainly ethnic Chinese.
August 15, 2002 |
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.
September 3, 2001 |
East West Bancorp, whose banks cater to the Asian American community, plans to announce a partnership this week with 99 Ranch Market to offer supermarket banking. Buena Park-based 99 Ranch Market, which also caters to the Asian American community, has 20 California stores, a Seattle store and affiliates in Hawaii, Nevada, Georgia and Arizona. East West, based in San Marino, has $2.7 billion in assets and 30 branches, most of which are in Southern California.
August 10, 2001 |
East West Bancorp Inc. has sued First Union Corp., alleging the bank's brokerage unit broke a promise to provide analyst coverage of East West's shares in exchange for managing a $10-million securities offering. East West claims an officer with First Union's Wheat First Securities unit contacted the San Marino-based bank in October 1999 with a proposal to lead a preferred-securities offering.
January 17, 2001 |
Citigroup Inc., the No. 1 U.S. financial services company, on Tuesday posted higher fourth-quarter profit as its vast consumer banking business flourished, but earnings of Bank of America Corp., the parent of the top U.S. bank, dropped on loan and investment losses. Wells Fargo & Co. led regional banks in posting healthy fourth-quarter profit increases, meeting Wall Street's expectations and showing resilience in face of the U.S economic slowdown.
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.
December 22, 1999 |
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.
May 23, 1999 |
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.
January 22, 1999 |
Sun Microsystems Inc., one of the biggest makers of computers that run the Internet, said Thursday that fiscal second-quarter earnings, ranked by year-over-year earnings-per-share growth, rose 18%, fueled by robust sales of its powerful machines. Profit before a charge rose to $272.3 million, or 67 cents a share, from $223.2 million, or 57 cents, in the year-earlier period. Sun was expected to earn 66 cents in the quarter ended Dec. 27, the average estimate of analysts polled by First Call Corp.