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East West Bancorp

BUSINESS
January 28, 2005 | E. Scott Reckard
IndyMac Bancorp Inc., a Pasadena thrift that specializes in home loans over the Internet, reported 30% higher fourth-quarter profit Thursday. Net income also rose at two Asian American banks, East West Bancorp in San Marino and Los Angeles-based Hanmi Financial Corp. IndyMac earned $55.9 million, or 87 cents a share, up from $43.3 million, or 75 cents, in the fourth quarter of 2003, as its mortgage volume rose 79%. Full-year net income fell from $171.3 million, or $3.01 a share, to $170.
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BUSINESS
October 1, 2013 | By E. Scott Reckard
The big banks got Uncle Sam off their backs fairly quickly. It's taken a bit longer for smaller institutions, including Cathay General Bancorp in L.A.'s Chinatown. After nearly five years, Cathay General has retired its debt to taxpayers for the capital it was provided to boost its strength during the financial crisis. The parent of Cathay Bank received $258 million from the government in December 2008 in return for dividend-paying preferred stock. It repaid half the debt, $129 million, six months ago. Cathay announced late Monday that it had come up with the remaining $129 million to finish buying back the preferred shares from the Treasury Department -- and just in time.
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
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
August 23, 2000
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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.
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
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
July 16, 2004 | E. Scott Reckard, Times Staff Writer
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.
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