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Ucbh Holdings Inc

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BUSINESS
July 4, 2002 | Bloomberg News
UCBH Holdings Inc. said it will buy 25% of privately held Bank of Canton of California for $48 million in stock and is in talks to acquire the remaining 75% to expand its business with Chinese customers in Los Angeles and San Francisco. UCBH, parent of United Commercial Bank, said it can back out of buying the 25% if no deal is hammered out for the rest. Acquiring the entire bank would increase United Commercial Bank's assets by 42% to about $4.4 billion.
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BUSINESS
September 20, 2006 | From Bloomberg News
UCBH Holdings Inc., a banking company that serves ethnic Chinese communities in the Northeast and Western U.S., has agreed to buy Summit Bank Corp. for $176 million in cash and stock, giving the San Francisco-based buyer an office in Shanghai as well as locations in Atlanta and Houston. The holding company for United Commercial Bank said Tuesday that it would issue about 4.8 million shares and pay $87.4 million in cash in the transaction. Details were not disclosed.
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BUSINESS
August 29, 2002 | Bloomberg News
UCBH Holdings Inc. agreed to buy the rest of closely held Bank of Canton of California for $169 million in cash to expand its business with Chinese customers in San Francisco and Los Angeles. UCBH Holdings, parent of United Commercial Bank and California's largest bank serving customers of Chinese descent, said last month that it planned to buy 25% of Bank of Canton for 1.3 million shares, valued then at about $48 million.
BUSINESS
October 14, 2005 | From Bloomberg News
UCBH Holdings Inc., a banking company with 46 branches serving ethnic Chinese communities in California and Brooklyn, N.Y., agreed to buy New York-based Great Eastern Bank for about $103.6 million in cash and stock. UCBH will pay $51.8 million in cash and 2.94 million of its shares for Great Eastern, which had $309.9 million in assets as of June 30, San Francisco-based UCBH said Thursday.
BUSINESS
October 14, 2005 | From Bloomberg News
UCBH Holdings Inc., a banking company with 46 branches serving ethnic Chinese communities in California and Brooklyn, N.Y., agreed to buy New York-based Great Eastern Bank for about $103.6 million in cash and stock. UCBH will pay $51.8 million in cash and 2.94 million of its shares for Great Eastern, which had $309.9 million in assets as of June 30, San Francisco-based UCBH said Thursday.
BUSINESS
September 20, 2006 | From Bloomberg News
UCBH Holdings Inc., a banking company that serves ethnic Chinese communities in the Northeast and Western U.S., has agreed to buy Summit Bank Corp. for $176 million in cash and stock, giving the San Francisco-based buyer an office in Shanghai as well as locations in Atlanta and Houston. The holding company for United Commercial Bank said Tuesday that it would issue about 4.8 million shares and pay $87.4 million in cash in the transaction. Details were not disclosed.
BUSINESS
July 18, 2003 | E. Scott Reckard, Times Staff Writer
The fast-growing Chinese American banks East West Bancorp Inc. in San Marino and UCBH Holdings Inc. in San Francisco reported sharply higher second-quarter earnings Thursday on strong growth in lending. But declining interest rates dragged down profit by 9% from a year earlier at Downey Financial Corp. in Newport Beach, Southern California's largest savings and loan. East West reported net income of $14.7 million, or 60 cents a share, up 20% from $12.
BUSINESS
February 22, 2006 | E. Scott Reckard
Great Eastern Bank, a Chinese American bank in New York, has agreed to be acquired by Los Angeles-based Cathay General Bancorp for about $101 million in cash and stock, the banks announced. Dunson K. Cheng, Cathay's chief executive, said the acquisition would more than double his bank's loans and deposits in New York and increase its branches there to nine from four. The deal ends a bidding war between Cathay Bank's parent and another major Chinese American bank, UCBH Holdings Inc.
BUSINESS
September 9, 2009 | Bloomberg News
The parent of United Commercial Bank, which caters to Chinese American customers, replaced its chief executive and said it would restate earnings after an internal probe found that some officers improperly modified loans and misrepresented data to auditors. The company, San Francisco-based UCBH Holdings Inc., said Doreen Woo Ho, who joined the firm in January from Wells Fargo & Co., was named acting CEO, succeeding Thomas Wu, who quit. Chief Credit Officer Ebrahim Shabudin also quit, UCBH said.
BUSINESS
October 12, 2011 | Bloomberg News
Three former United Commercial Bank executives misled investors by concealing at least $65 million in loan losses before the San Francisco lender collapsed in 2009, the U.S. Securities and Exchange Commission said. Thomas Wu, who was the bank's chief executive, worked with Chief Operating Officer Ebrahim Shabudin and senior officer Thomas Yu to hide losses on loans and real estate assets from auditors, causing the bank's parent, UCBH Holdings Inc., to understate 2008 operating losses, the SEC said in a complaint filed Tuesday.
BUSINESS
July 18, 2003 | E. Scott Reckard, Times Staff Writer
The fast-growing Chinese American banks East West Bancorp Inc. in San Marino and UCBH Holdings Inc. in San Francisco reported sharply higher second-quarter earnings Thursday on strong growth in lending. But declining interest rates dragged down profit by 9% from a year earlier at Downey Financial Corp. in Newport Beach, Southern California's largest savings and loan. East West reported net income of $14.7 million, or 60 cents a share, up 20% from $12.
BUSINESS
August 29, 2002 | Bloomberg News
UCBH Holdings Inc. agreed to buy the rest of closely held Bank of Canton of California for $169 million in cash to expand its business with Chinese customers in San Francisco and Los Angeles. UCBH Holdings, parent of United Commercial Bank and California's largest bank serving customers of Chinese descent, said last month that it planned to buy 25% of Bank of Canton for 1.3 million shares, valued then at about $48 million.
BUSINESS
July 4, 2002 | Bloomberg News
UCBH Holdings Inc. said it will buy 25% of privately held Bank of Canton of California for $48 million in stock and is in talks to acquire the remaining 75% to expand its business with Chinese customers in Los Angeles and San Francisco. UCBH, parent of United Commercial Bank, said it can back out of buying the 25% if no deal is hammered out for the rest. Acquiring the entire bank would increase United Commercial Bank's assets by 42% to about $4.4 billion.
BUSINESS
June 4, 2004 | E. Scott Reckard, Times Staff Writer
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.
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