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.
February 10, 2006 |
Two Chinese American banking companies that have outgrown their California roots appear to be nearing the end of a bitter takeover battle for Great Eastern Bank, which serves ethnic Chinese communities in New York. The victor -- either Cathay General Bancorp of Los Angeles, or San Francisco's UCBH Holdings Inc. -- would own the largest Chinese American bank in New York. Those stakes help explain why the bidding war for Great Eastern has become such a street fight, analysts say.
October 14, 2005 |
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.
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.
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 4, 2002 |
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.