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United Commercial Bank

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BUSINESS
April 22, 1998
First Pacific Co. of Hong Kong and Indonesia's Salim Group said they will sell California's United Commercial Bank to fund managers and bank management for $120 million. First Pacific said the sale is part of its strategy to reduce assets outside Asia in order to cut debt and raise funds for expansion in Asia, where plunging stock and currency markets have made acquisitions as much as 50% cheaper in the last year.
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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.
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BUSINESS
January 28, 2010 | By E. Scott Reckard
When East West Bancorp Inc. acquired failed rival United Commercial Bank in November, analysts applauded. But they still expected the Pasadena bank to report year-end losses as it worked its way through the commercial loan problems gnawing at regional financial firms. East West, now the largest banker in the Chinese American niche, instead reported a profit late Tuesday for the fourth quarter and 2009. The firm said San Francisco-based United Commercial's loan troubles were less severe than estimated when the takeover deal with the Federal Deposit Insurance Corp.
BUSINESS
February 9, 2011 | By E. Scott Reckard, Los Angeles Times
City National Corp. may be the "Tiffany & Co. of the banking business," as one analyst put it, but the gleam of another Los Angeles area bank has caught the eye of Wall Street. East West Bancorp, a Chinese American dynamo headed by the immigrant son of a Hong Kong bus driver, surged ahead of City National in stock market value for the first time two weeks ago after reporting earnings of $164.6 million last year, about 25% higher than City National's profit. The accomplishment underscores the rich cultural mix of the Los Angeles area and cements East West's reputation as the most mainstream among dozens of Asian American banks that have sprung up in the region.
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
April 29, 2010 | By E. Scott Reckard, Los Angeles Times
Shares of East West Bancorp rallied Wednesday after the Pasadena bank reported a first-quarter profit of $24.9 million, reversing a year-earlier loss. The company, which released its earnings late Tuesday, said it benefited from lower provisions for loan losses as well as its acquisition of a failed rival. The results sent East West stock up as much as 5.7% on Wednesday. But it fell back to close at $19.91, up 53 cents, or 2.7%. The profit in the latest period, amounting to 13 cents a share, contrasted with a loss of $22.5 million, or 50 cents, in the first quarter of 2009.
BUSINESS
June 15, 2010 | By E. Scott Reckard, Los Angeles Times
Shares of Pasadena's East West Bancorp surged Monday after it acquired a failed bank in Seattle from the Federal Deposit Insurance Corp. In taking over Washington First International Bank late Friday, East West agreed to assume all of the $415 million in deposits held by the smaller bank. East West also took ownership of $504 million of the $520 million in loans and other assets on the books at Washington First, which like East West focused on the Chinese American market. The FDIC, which issued statements on the deal in English and Chinese, agreed to absorb some of the losses on $419 million of the assets.
BUSINESS
July 28, 2010 | By E. Scott Reckard, Los Angeles Times
East West Bancorp and Cathay General Bancorp, the nation's largest Chinese American banks, posted profits in the second quarter, another sign that Southern California's larger regional banks may be recovering from the economic crisis. But two large Korean American banks in Los Angeles, Wilshire Bancorp and Hanmi Financial Corp., reported losses on Tuesday. East West said it earned $30.2 million, or 21 cents a share, during the quarter ended June 30, compared with a loss of $115.
BUSINESS
March 28, 2007 | Evelyn Iritani, Times Staff Writer
United Commercial Bank plans to make history by purchasing a Shanghai financial institution and becoming the first Chinese American community bank to offer a wide range of services in China. With Business Development Bank Ltd., which United Commercial said Tuesday that it had agreed to buy for $205 million, the San Francisco-based bank could offer its customers a one-stop shop in the U.S. and China.
BUSINESS
December 19, 2009 | By E. Scott Reckard
Two more loss-battered Southern California banks were shut down by regulators Friday and immediately sold to two of the largest financial institutions based in the region. Stung by defaults on tricky adjustable mortgages, 80-year-old First Federal Bank of California was closed by federal savings and loan regulators, with its 39 branches to reopen today as part of OneWest Bank. Pasadena-based OneWest, created early this year from the ashes of collapsed home lender IndyMac Bank, agreed to assume all of First Federal's deposits, so no customers will lose money, the Federal Deposit Insurance Corp.
BUSINESS
July 28, 2010 | By E. Scott Reckard, Los Angeles Times
East West Bancorp and Cathay General Bancorp, the nation's largest Chinese American banks, posted profits in the second quarter, another sign that Southern California's larger regional banks may be recovering from the economic crisis. But two large Korean American banks in Los Angeles, Wilshire Bancorp and Hanmi Financial Corp., reported losses on Tuesday. East West said it earned $30.2 million, or 21 cents a share, during the quarter ended June 30, compared with a loss of $115.
BUSINESS
June 15, 2010 | By E. Scott Reckard, Los Angeles Times
Shares of Pasadena's East West Bancorp surged Monday after it acquired a failed bank in Seattle from the Federal Deposit Insurance Corp. In taking over Washington First International Bank late Friday, East West agreed to assume all of the $415 million in deposits held by the smaller bank. East West also took ownership of $504 million of the $520 million in loans and other assets on the books at Washington First, which like East West focused on the Chinese American market. The FDIC, which issued statements on the deal in English and Chinese, agreed to absorb some of the losses on $419 million of the assets.
BUSINESS
April 29, 2010 | By E. Scott Reckard, Los Angeles Times
Shares of East West Bancorp rallied Wednesday after the Pasadena bank reported a first-quarter profit of $24.9 million, reversing a year-earlier loss. The company, which released its earnings late Tuesday, said it benefited from lower provisions for loan losses as well as its acquisition of a failed rival. The results sent East West stock up as much as 5.7% on Wednesday. But it fell back to close at $19.91, up 53 cents, or 2.7%. The profit in the latest period, amounting to 13 cents a share, contrasted with a loss of $22.5 million, or 50 cents, in the first quarter of 2009.
BUSINESS
January 28, 2010 | By E. Scott Reckard
When East West Bancorp Inc. acquired failed rival United Commercial Bank in November, analysts applauded. But they still expected the Pasadena bank to report year-end losses as it worked its way through the commercial loan problems gnawing at regional financial firms. East West, now the largest banker in the Chinese American niche, instead reported a profit late Tuesday for the fourth quarter and 2009. The firm said San Francisco-based United Commercial's loan troubles were less severe than estimated when the takeover deal with the Federal Deposit Insurance Corp.
BUSINESS
December 19, 2009 | By E. Scott Reckard
Two more loss-battered Southern California banks were shut down by regulators Friday and immediately sold to two of the largest financial institutions based in the region. Stung by defaults on tricky adjustable mortgages, 80-year-old First Federal Bank of California was closed by federal savings and loan regulators, with its 39 branches to reopen today as part of OneWest Bank. Pasadena-based OneWest, created early this year from the ashes of collapsed home lender IndyMac Bank, agreed to assume all of First Federal's deposits, so no customers will lose money, the Federal Deposit Insurance Corp.
BUSINESS
November 10, 2009 | Tom Petruno
Wall Street thinks Pasadena-based East West Bancorp made a sweet deal to buy rival United Commercial Bank in a takeover brokered by the Federal Deposit Insurance Corp. Shares of East West, now by far the largest bank focused on the Chinese American market, rocketed $4.76, or 55%, to $13.41 on Monday. The FDIC seized loss-ridden United Commercial on Friday and agreed to sell the San Francisco lender to East West. The deal boosts East West's assets to $19 billion, from $12.5 billion.
BUSINESS
February 9, 2011 | By E. Scott Reckard, Los Angeles Times
City National Corp. may be the "Tiffany & Co. of the banking business," as one analyst put it, but the gleam of another Los Angeles area bank has caught the eye of Wall Street. East West Bancorp, a Chinese American dynamo headed by the immigrant son of a Hong Kong bus driver, surged ahead of City National in stock market value for the first time two weeks ago after reporting earnings of $164.6 million last year, about 25% higher than City National's profit. The accomplishment underscores the rich cultural mix of the Los Angeles area and cements East West's reputation as the most mainstream among dozens of Asian American banks that have sprung up in the region.
BUSINESS
November 7, 2009 | E. Scott Reckard
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.
BUSINESS
November 7, 2009 | E. Scott Reckard
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.
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.
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