East West Bancorp Closes United National Bank Acquisition
September 07 2005 - 5:30PM
PR Newswire (US)
SAN MARINO, Calif., Sept. 7 /PRNewswire-FirstCall/ -- East West
Bancorp, Inc. (NASDAQ:EWBC), parent company of East West Bank, one
of the nation's premier community banks, has completed the
acquisition of United National Bank, a $948 million asset
commercial bank headquartered in San Marino, California. United
National Bank merged with East West Bank as of the close of
business September 6th. The final consideration paid in the
acquisition of United National Bank was $177.9 million. The
consideration consisted of $71.1 million in cash and 3,138,701
shares of East West Bancorp common stock. Other terms were
described in East West Bancorp's June 30, 2005 announcement. East
West issued $20.0 million in junior subordinated debt to partially
finance the acquisition. United National Bank's eleven branches
acquired in the merger are located in Beverly Hills, Cerritos, City
of Industry, Cupertino, Irvine, Monterey Park, San Gabriel, San
Jose, San Marino, Walnut and Houston, Texas. All United National
Bank branches now offer the full range of products and services
available at any of East West's existing branch locations. "We are
excited to have the customers and employees of United National Bank
join the East West family," said Dominic Ng, President and CEO of
East West. "With the merger of United National Bank, we will be
creating a stronger institution and we anticipate a smooth
integration for our customers." About East West East West Bancorp
is a publicly owned company, with $7.8 billion in assets, whose
stock is traded on the Nasdaq National Market under the symbol
"EWBC." The company's wholly owned subsidiary, East West Bank, is
the second largest independent commercial bank headquartered in Los
Angeles. East West Bank serves the community with 55 branch
locations throughout Los Angeles, Orange, San Francisco, Alameda,
Santa Clara, and San Mateo counties, one branch location in
Houston, Texas and a Beijing Representative Office in China. For
more information on East West Bancorp, visit the company's website
at http://www.eastwestbank.com/. Forward-Looking Statements This
release may contain forward-looking statements, which are included
in accordance with the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and accordingly, the
cautionary statements contained in East West Bancorp's Annual
Report on Form 10-K for the year ended Dec. 31, 2004 (See Item I --
Business, and Item 7 -- Management's Discussion and Analysis of
Consolidated Financial Condition and Results of Operations), and
other filings with the Securities and Exchange Commission are
incorporated herein by reference. These factors include, but are
not limited to: the effect of interest rate and currency exchange
fluctuations; competition in the financial services market for both
deposits and loans; East West Bancorp's ability to efficiently
incorporate acquisitions into its operations; the ability of East
West Bancorp and its subsidiaries to increase its customer base;
the effect of regulatory and legislative action, including
California tax legislation and an announcement by the state's
Franchise Tax Board regarding the taxation of Registered Investment
Companies; and regional and general economic conditions. Actual
results and performance in future periods may be materially
different from any future results or performance suggested by the
forward-looking statements in this release. Such forward-looking
statements speak only as of the date of this release. East West
Bancorp expressly disclaims any obligation to update or revise any
forward-looking statements found herein to reflect any changes in
East West Bank's expectations of results or any change in event.
FOR FURTHER INFORMATION AT THE COMPANY: Julia Gouw Chief Financial
Officer (626) 583-3512 DATASOURCE: East West Bancorp, Inc. CONTACT:
Julia Gouw, Chief Financial Officer of East West Bancorp, Inc.,
+1-626-583-3512 Web site: http://www.eastwestbank.com/
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