August 29, 2002 |
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.
July 18, 2003 |
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.
February 22, 2006 |
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.
September 20, 2006 |
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.
September 9, 2009 |
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.
October 12, 2011 |
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.