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.
June 4, 2004 |
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.
January 28, 2004 |
Cathay General Bancorp of Los Angeles, vying to become the biggest Asian American bank after completing a major merger last fall, on Tuesday said fourth-quarter profit rose 39% on strong loan growth. The combination of Cathay Bancorp and GBC Bancorp, each with a core clientele of Chinese Americans, earned $16.8 million, or 71 cents a share, in the quarter, in line with analysts' estimates. That was up from $12.
January 18, 2000
* John McLean has been named president of the new Wireless Data Networks division of Telenetics Corp. in Lake Forest. He had been with GTE for 27 years, holding several senior management positions, including vice president of GTE Telecommunications Products and Services and vice president of technology at GTE Wireless. * Dick Bryan has been named vice president, customer care and quality assurance, for Irvine-based WL Homes LLC, the parent company of John Laing Homes.
November 7, 2009 |
Toppled by loan losses and misstated financial reports, San Francisco's United Commercial Bank was shut down by regulators tonight and immediately sold to Pasadena's East West Bancorp, creating by far the largest U.S. bank focused on the Chinese American market. The combination also will be the largest bank based in Southern California, surpassing City National Bancorp. No depositors will lose money in the failure of United Commercial, the Federal Deposit Insurance Corp. said.
August 18, 2003 |
Bankers, start your bidding: Sales of California banks are rising again after three years of decline. Most sellers so far have been banks squeezed by rising technology costs, competition from credit unions and, until recently at least, falling interest rates. All are factors that can convince longtime shareholders it's time to sell. That's good news to such aggressive acquirers as San Francisco's Bank of the West, which last year bought United California Bank for $2.4 billion.
May 8, 2003 |
For Asian American banks, ethnic is giving way to eclectic. Los Angeles-based Cathay Bancorp Inc. took a big step in that direction Wednesday, agreeing to buy GBC Bancorp Inc., a local rival that has aggressively branched out beyond its core base of Asian American clients -- financing the construction of Indian casinos, investing in junk bonds and dabbling in aircraft leases and metals trading.
July 2, 2003 |
For 24 years, the Greenlining Institute has pressured big banks to do more for financially stressed areas of California, winning hundreds of billions of dollars in pledges from Wells Fargo & Co., Bank of America Corp., Washington Mutual Inc. and others to provide residential and small-business loans to minorities.
May 12, 2002 |
Analyst John Kline loves UCBH Holdings Inc., a San Francisco bank that caters to Chinese immigrants, but he felt compelled to downgrade the stock last week. The problem: UCBH has so many admirers that its shares are up 400% in three years. "The business fundamentals are impeccable," said Kline, who follows banks and thrifts for Sandler O'Neill & Partners in New York. "But you have to wonder if they have gotten ahead of themselves" in terms of their stock price.