UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington,
D.C. 20549
FORM
11-K
Mark
One
x
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the fiscal year ended December 31, 2008
|
|
or
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the transition period from ______ to ______ .
|
|
|
Commission
file number 000-24939
|
|
|
|
A.
Full title of the plan and address of the plan, if different from that of
the issuer named below:
|
|
|
EAST
WEST BANK
EMPLOYEES 401(k) SAVINGS
PLAN
Financial
Statements
December
31, 2008 and 2007
|
|
|
|
B.
Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
|
|
|
EAST
WEST BANCORP, INC.
135
North Los Robles Ave., 7th Floor
Pasadena,
California
91101
|
EAST
WEST BANK EMPLOYEES 401(k) SAVINGS PLAN
|
|
Page
|
|
|
REPORTS
OF INDEPENDENT REGISTERD PUBLIC ACCOUNTING FIRMS
|
1-2
|
|
|
FINANCIAL
STATEMENTS:
|
|
|
|
|
|
Statements
of Net Assets Available for Benefits as of December 31, 2008 and
2007
|
3
|
|
|
|
|
Statement
of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 2008
|
4
|
|
|
|
|
Notes
to Financial Statements
|
5–10
|
|
|
SUPPLEMENTAL
SCHEDULE —
|
11
|
|
|
|
|
Form 5500,
Schedule H, Part IV, Line 4i — Schedule of Assets
(Held at End of Year) as of December 31, 2008
|
11
|
NOTE:
|
All
other schedules required by Section 2520.103-10 of the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 have been omitted because
they are not applicable.
|
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Participants and Administrative Committee of
East West
Bank Employees 401(k) Savings Plan
Pasadena,
CA
We have
audited the accompanying statement of net assets available for benefits of the
East West Bank Employees 401(k) Savings Plan (the “Plan”) as of
December 31, 2008, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2008. These financial
statements are the responsibility of the Plan’s management. Our responsibility
is to express an opinion on the financial statements based on our
audit.
We
conducted our audit in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Plan is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Plan's internal control over
financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 2008, and the changes in net assets available for benefits for
the year then ended in conformity with accounting principles generally
accepted in the United States of America.
Our audit
was conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule of assets (held at end of
year) as of December 31, 2008, is presented for the purpose of additional
analysis and is not a required part of the basic financial statements, but is
supplementary information required by the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan’s management. The supplemental schedule has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/ BDO
Seidman, LLP
Los
Angeles, California
June 29,
2009
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Participants and Administrative Committee of
East West
Bank Employees 401(k) Savings Plan
Pasadena,
California
We have
audited the accompanying statement of net assets available for benefits of East
West Bank Employees 401(k) Savings Plan (the “Plan”) as of December 31,
2007. This financial statement is the responsibility of the Plan’s management.
Our responsibility is to express an opinion on this financial statement based on
our audit.
We
conducted our audit in accordance with auditing standards generally accepted in
the United States of America. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statement
is free of material misstatement. An audit includes consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Plan’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statement, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our
opinion, such financial statement presents fairly, in all material respects, the
net assets available for benefits of the Plan at December 31, 2007, in
conformity with accounting principles generally accepted in the United States of
America.
/s/
DELOITTE & TOUCHE LLP
Costa
Mesa, CA
June 26,
2008
EAST WEST BANK EMPLOYEES 401(k)
SAVINGS PLAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF NET ASSETS AVAILABLE
FOR BENEFITS
|
|
|
|
|
|
|
AS OF DECEMBER 31, 2008 AND
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
2007
|
|
ASSETS:
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
Participant-directed investments —
at fair value (Notes 1, 2, 3 and 4)
|
|
$
|
43,431,797
|
|
|
$
|
54,114,517
|
|
Loans to
participants
|
|
|
710,756
|
|
|
|
749,447
|
|
|
|
|
|
|
|
|
|
|
Total
investments
|
|
|
44,142,553
|
|
|
|
54,863,964
|
|
|
|
|
|
|
|
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
Participant
contributions
|
|
|
172,693
|
|
|
|
208,118
|
|
Employer
contribution
|
|
|
732
|
|
|
|
946
|
|
|
|
|
|
|
|
|
|
|
Total
receivables
|
|
|
173,425
|
|
|
|
209,064
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS AVAILABLE FOR BENEFITS
AT FAIR VALUE
|
|
|
44,315,978
|
|
|
|
55,073,028
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT FROM FAIR VALUE TO
CONTRACT VALUE FOR FULLY BENEFIT-RESPONSIVE INVESTMENT
CONTRACTS
|
|
|
532,940
|
|
|
|
25,001
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS AVAILABLE FOR
BENEFITS
|
|
$
|
44,848,918
|
|
|
$
|
55,098,029
|
|
See notes to the financial
statements.
EAST
WEST BANK EMPLOYEES 401(k) SAVINGS PLAN
|
|
|
|
|
|
STATEMENT
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
|
|
FOR
THE YEAR ENDED DECEMBER 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
ADDITIONS:
|
|
|
|
Investment
(loss) income:
|
|
|
|
Net
depreciation in fair value of investment (Notes 3 and
4)
|
|
$
|
(16,113,847
|
)
|
Loan
interest
|
|
|
50,328
|
|
Dividend
and interest income
|
|
|
808,704
|
|
|
|
|
|
|
Net
investment loss
|
|
|
(15,254,815
|
)
|
|
|
|
|
|
Contributions:
|
|
|
|
|
Participant
|
|
|
5,730,803
|
|
Employer,
net
|
|
|
3,033,850
|
|
|
|
|
|
|
Total
contributions
|
|
|
8,764,653
|
|
|
|
|
|
|
Total
(reductions) additions
|
|
|
(6,490,162
|
)
|
|
|
|
|
|
DEDUCTIONS
— Benefits paid
|
|
|
(3,758,949
|
)
|
|
|
|
|
|
NET
DECREASE
|
|
|
(10,249,111
|
)
|
|
|
|
|
|
NET
ASSETS AVAILABLE FOR BENEFITS:
|
|
|
|
|
Beginning
of year
|
|
|
55,098,029
|
|
|
|
|
|
|
End
of year
|
|
$
|
44,848,918
|
|
EAST
WEST BANK EMPLOYEES 401(k) SAVINGS PLAN
NOTES
TO FINANCIAL STATEMENTS
1.
|
DESCRIPTION
OF THE PLAN
|
The
following description of the East West Bank Employees 401(k) Savings Plan (the
“Plan”) provides only general information. Participants should refer to the plan
document for more complete information.
General
— The Plan is a
defined contribution plan designed to provide retirement benefits financed by
participants’ tax deferred contributions and company contributions on behalf of
the participating employees. The Plan is administered by an administrative
committee appointed by the Board of Directors of East West Bank, the Plan’s
sponsor (the “Bank” or the “Plan Sponsor”). Prudential Trust Company (the
“Trustee”) serves as the trustee for the Plan. The Plan became effective
January 1, 1986. The Plan is subject to the requirements of the Employee
Retirement Income Security Act of 1974 (ERISA). On August 17,
2007, the Bank acquired Desert Community Bank; on November 20, 2007, the
assets of Desert Community Bank 401(k) Plan were transferred to the
Plan.
Eligibility
— Under the
terms of the Plan, employees of the Bank become eligible to participate in the
Plan as of the first day of the first calendar month beginning after the date
the employee attains the age of 18 years (21 years prior to November 2007) and
completes three months of service with the Bank.
Contributions
— Eligible
employees may elect to defer up to 80% (15% prior to November 2007) of their
compensation before taxes (limited to $15,500 in both 2008 and 2007). The Bank
matches 100% of the first 6% of a participant’s deferred compensation.
Participants direct the investment of their contributions and match into various
investment options offered by the Plan. Plan participants age 50 or older may
also contribute an additional $5,000 to the Plan in both 2008 and
2007.
Investments
—
Participants direct the investments of their contributions into various
investment options offered by the Plan. Prior to January 1, 2007,
contributions from the Plan Sponsor were automatically invested in East West
Bancorp, Inc. stock. As of January 1, 2007, contributions from the Plan
Sponsor are in the form of cash and allocated to participants current investment
elections.
Vesting, Benefits, and Benefits
Payable
— Participants are fully vested in the portion of their
accounts which resulted from their contributions and earnings on their voluntary
contributions. Participants become vested in the contributions received from the
Plan Sponsor at the rate of 20% per year for each full year of service after the
first year so that the participants become 100% vested after five years of
credited service.
Benefits
are recorded when paid. On termination of service for any reason, a
participant, may elect to (1) receive a lump-sum distribution in an amount
equal to the value of the participant’s vested interest in his or her account,
or (2) elect a rollover distribution to an eligible retirement plan or
eligible individual retirement account (“IRA”) in an amount equal to the value
of the participant’s vested interest in his or her account. If a
participant’s account is less than $1,000 and an election is not made, the
Trustee will distribute the vested interest in the participant’s account to the
participant in the form of a lump-sum payment. Effective October 1, 2007,
if a participant with an account balance greater than $1,000 and not exceeding
$5,000, does not elect either to receive or to rollover the distribution, then
the participant's vested interest in the account will be rolled over to an
IRA. As of December 31, 2007, there was $1,139 that was due to
terminated participants. There was no amount owed to terminated
participants as of December 31, 2008.
Forfeited Accounts
— At
December 31, 2008 and 2007, forfeited nonvested accounts totaled $194,456
and $269,119 respectively. These accounts will be used to reduce
future employer contributions and pay some plan
expenses. During the year ended December 31, 2008, employer
contributions were reduced by $279,538 from forfeited nonvested
accounts.
Participant Accounts
—
Each participant’s account is credited with the participant’s contribution, the
Bank’s contribution, the Plan’s earnings or losses, and if applicable, rollovers
from plans of prior employers. Allocations of earnings or losses are based on
participant account balances as defined in the plan document. The benefit to
which a participant is entitled is the benefit that can be provided from the
participant’s account.
Loans to Participants
—
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50% of their vested account balance.
Loan transactions are treated as transfers to (from) the investment fund from
(to) the participant loan fund. Loan terms range from one to five years or up to
20 years for the purchase of a primary residence. The loans are secured by the
vested balances in the participants’ accounts and bear interest at rates
commensurate with local prevailing rates as determined by the plan administrator
at the time the loan is approved. At December 31, 2008 and 2007,
interest rates on outstanding loans to participants ranged from 5.00% to 9.25%
and mature through 2027. Principal and interest are paid ratably through
bimonthly payroll deductions.
2.
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
|
Basis of Accounting
— The
accompanying financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of
America.
Adoption of New Accounting
Pronouncements
—
In
September 2006, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards (SFAS) No. 157,
Fair Value Measurements
. SFAS
No. 157 established a single authorative definition of fair value, sets a
framework for measuring fair value, and requires additional disclosures about
fair value measurement. SFAS No. 157 is effective for financial statements
issued for the Plan for fiscal years beginning after November 17,
2007. The adoption of SFAS No. 157 did not have a material impact on
the Plan’s net assets available for benefits or changes in net assets available
for benefits.
Valuation of
Investments
— The Plan’s investments are stated at their fair value.
Shares of mutual funds are valued at quoted market prices, which represent the
net asset value of shares held by the Plan at year-end. Common stock is valued
at quoted market prices. Investment in the common collective trust fund is
stated at fair value as determined by the issuer of the common collective trust
fund, based on the fair value of the underlying investments. Participant loans
are valued at the outstanding loan balances.
Fully Benefit-Responsive Investment
Contracts
—Financial Accounting Standards Board Staff Position AAG
INV-1 and SOP 94-4-1,
Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment Companies
Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans
(the “FSP”) defines the circumstances in
which an investment contract is considered fully benefit responsive and provides
certain reporting and disclosure requirements for fully benefit-responsive
investment contracts in defined-contribution health and welfare and pension
plans.
As
described in the FSP, fully benefit-responsive investment contracts held by a
defined contribution plan are required to be reported at fair value. However,
contract value is the relevant measurement attribute for that portion of the net
assets available for benefits of a defined-contribution plan attributable to
fully benefit-responsive investment contracts because the contract value is the
amount participants would receive if they were to initiate permitted
transactions under the terms of the Plan. The Plan’s Stable Value Fund invests
in investment contracts through participation in the Wells Fargo Stable Return
Fund (“Stable Return Fund”), a common collective trust. As required by the FSP,
investments in the accompanying statements of net assets available for benefits
presents the fair value of the Stable Return Fund, as well as the adjustment of
the Stable Return Fund related value to fully benefit-responsive
investment contracts from fair value to contract value.
Use of Estimates
— The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of net assets
available for benefits and changes therein and disclosures of contingent assets
and liabilities. Actual results could materially differ from those
estimates.
Risk Management
— The
Plan utilizes various investment instruments. Investment securities, in general,
are exposed to various risks, such as interest rate, credit, and overall market
volatility. Due to the level of risk associated with certain investment
securities, it is reasonably possible that changes in the values of investment
securities will occur in the near term and those changes could materially affect
the amounts reported in the financial statements.
Administrative Expenses
—
Investment transaction expenses are offset against the related investment
income. Management fees incurred by the common collective trust of the
Plan are borne by the Plan participants through the Trust and are included in
the Net Depreciation in Fair Value of Investments on the Statements of Changes
in Net Assets Available for Benefits. The investment managers of the
Stable Value Fund charge asset-based management fees, which amount to, on an
annualized basis, 65 basis points of the dollar value of the Plan’s investments
in the Stable Value Fund. Other administrative and non-investment expenses
of the Plan are paid by the Plan Sponsor which is a party-in-interest.
These expenses, which are not reflected in the accompanying financial
statements, constitute exempt party-in-interest transactions under
ERISA.
Investment Income
— The
Plan presents in the statement of changes in net assets available for benefits
the net appreciation or depreciation in the fair value of investments, which
consists of realized gains or losses and unrealized appreciation or depreciation
on those investments. Purchases and sales of securities are recorded on a
trade-date basis. Interest income is recorded on the accrual basis. Dividends
are recorded on the ex-dividend date.
3.
|
FAIR
VALUE MEASUREMENTS
|
On
January 1, 2008, the Plan adopted SFAS No. 157 and subsequently adopted certain
related FASB staff positions. SFAS 157 defines fair value as the
price that would be received from selling an asset or paid to transfer a
liability in an orderly transaction between market participants at the
measurement date. When determining the fair value measurements for
assets and liabilities required to be recorded at fair value, the Plan considers
the principal or most advantageous market in which it would transact and
considers assumptions that market participants would use when pricing the asset
or liability, such as inherent risk, transfer restrictions, and risk of
nonperformance.
SFAS No.
157 also establishes a fair value hierarchy that requires the Plan to maximize
the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value. A financial instrument’s categorization within
the fair value hierarchy is based upon the lowest level of input that is
significant to the fair value measurement. SFAS No. 157 establishes
three levels of inputs that may be used to measure fair value:
|
·
|
Level
1: quoted prices in active markets for identical assets or
liabilities;
|
|
·
|
Level
2: inputs other than Level 1 that are observable, either directly or
indirectly, such as quoted prices in active markets for similar assets or
liabilities, quoted prices for identical or similar assets or liabilities
in markets that are not active, or other inputs that are observable or can
be corroborated by observable market data for substantially the full term
of the assets or liabilities; or
|
|
·
|
Level
3: unobservable inputs that are supported by little or no
market activity and that are significant to the fair value of the assets
or liabilities.
|
Investments
measured at fair value on a recurring basis consisted of the following types of
instruments as of December 31, 2008:
|
|
Assets (Liabilities) Measured at
Fair Value on a Recurring Basis
|
|
|
|
Fair Value
Measurements
|
|
|
Quoted Prices in
Active Markets for
Identical
Assets
(Level 1)
|
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
$
|
10,180,369
|
|
|
$
|
10,180,369
|
|
|
$
|
-
|
|
|
$
|
-
|
|
Mutual
funds
|
|
|
23,697,713
|
|
|
|
23,697,713
|
|
|
|
-
|
|
|
|
-
|
|
Common/collective trust
funds
|
|
|
9,553,715
|
|
|
|
-
|
|
|
|
9,553,715
|
|
|
|
-
|
|
Participant
loans
|
|
|
710,756
|
|
|
|
-
|
|
|
|
710,756
|
|
|
|
|
|
Total
investments measured at fair value
|
|
$
|
44,142,553
|
|
|
$
|
33,878,082
|
|
|
$
|
10,264,471
|
|
|
$
|
-
|
|
Common
Stock
East West
Bancorp, Inc. common stock held in participant directed brokerage accounts are
stated at fair value as quoted on a recognized securities exchange and are
valued at the last reported sales price on the last business day of the Plan
year and are classified as Level 1 investments.
Mutual
Funds
The
mutual funds are valued at quoted market prices in an exchange and active
markets, and are classified as Level 1 investments.
Common/Collective
Trust Funds
The fair
value of common/collective trust funds are determined by the issuer of the
common collective trust fund and is determined using a combination of readily
available most recent market bid prices in the principal markets where such
funds and securities are traded, pricing services that use valuation matrices
incorporating dealer supplied valuations and valuation models, valuation inputs
such as structure of the issue, cash flow assumptions and the value of
underlying assets and guarantees. Common/collective trust funds are
not available in an exchange and active market, however, the fair value is
determined based on the underlying investments as traded in an exchange and
active markets. These funds are classified as level 2
investments.
Participant
Loans
The
participant loan balances are included at their carrying values, in the
statements of net assets available for benefits, which approximated their fair
values and are classified as Level 2 investments.
The
following presents the Plan’s investments, as of December 31, 2008 and
2007, that represented 5% or more of the Plan’s net assets available for
benefits:
|
|
|
|
2008
|
|
|
|
|
|
|
|
East West Bancorp, Inc. common
stock
|
|
$
|
10,180,369
|
|
Stable Value
Fund
|
|
|
10,086,655
|
|
MFS Total Return
Fund
|
|
|
3,864,877
|
|
American Funds Growth Fund of
America
|
|
|
3,568,993
|
|
American Fund EuroPacific
Growth
|
|
|
3,413,641
|
|
PIMCO Total Return Bond
Admin
|
|
|
2,981,986
|
|
Vanguard Index Trust
500
|
|
|
2,775,625
|
|
Franklin Flex Cap Growth
Fund
|
|
|
2,739,264
|
|
|
|
|
|
|
|
|
|
|
|
2007
|
|
|
|
|
|
|
|
|
|
East West Bancorp, Inc. common
stock
|
|
$
|
13,097,242
|
|
Stable Value
Fund
|
|
|
7,201,706
|
|
American Fund EuroPacific
Growth
|
|
|
5,831,881
|
|
MFS Total Return
Fund
|
|
|
5,744,747
|
|
American Funds Growth Fund of
America
|
|
|
5,231,236
|
|
Franklin Flex Cap Growth
Fund
|
|
|
4,702,734
|
|
Vanguard Index Trust
500
|
|
|
4,509,573
|
|
The
Plan’s investments (including gains and losses on investments bought and sold,
as well as held during the year) appreciated (depreciated) in value for the year
ended December 31, 2008, as follows:
|
|
2008
|
|
|
|
|
|
Common collective trust
fund
|
|
$
|
324,286
|
|
Mutual
funds
|
|
|
(12,189,649
|
)
|
Common
stock
|
|
|
(4,248,484
|
)
|
|
|
|
|
|
Total
|
|
$
|
(16,113,847
|
)
|
5.
|
RELATED-PARTY
TRANSACTIONS
|
Certain
Plan investments are shares of mutual funds managed by the Trustee. Therefore,
these transactions qualify as party-in-interest transactions. Fees paid by the
Bank for administrative expenses amounted to $45,161 for the year ended
December 31, 2008.
At
December 31, 2008 and 2007, the Plan held 637,468 and 540,538 shares,
respectively, of common stock of East West Bancorp, Inc., the parent company of
the Plan Sponsor, with a cost basis of $13,473,528 and $13,150,359,
respectively. During the year ended December 31, 2008, the Plan recorded
dividend income of $236,410.
For risks
and uncertainties regarding investment in East West Bancorp, Inc. common stock,
participants should refer to the East West Bancorp, Inc. Annual Report on Form
10-K for the year ended December 31, 2008 and Q uarterly R eport on
Form 10-Q for the quarter ended March 31, 2009.
Although
it has not expressed any intent to do so, the Bank has the right under the Plan
to discontinue its contributions at any time and to terminate the Plan subject
to the provisions of ERISA. In the event of the Plan’s termination, all
participant accounts will become 100% vested and will be distributable to
participants in accordance with the Plan.
7.
|
FEDERAL
INCOME TAX STATUS
|
The
Internal Revenue Service has determined and informed the Bank by a letter
dated June 3, 2004 , that the Plan and the related trust were
designed in accordance with applicable sections of the Internal Revenue Code
(IRC). The Plan has been amended since receiving the determination letter;
however, the Plan Sponsor believes that the Plan is currently designed and
operated in compliance with the applicable requirements of the IRC and the Plan
and related Trust continue to be tax-exempt. Therefore, no provision for income
taxes has been included in the Plan’s financial statements.
Effective January 1, 2009, the Company temporarily suspended
its matching of the participants' deferred compensation.
******
SUPPLEMENTAL
SCHEDULE
EAST WEST BANK EMPLOYEES 401(k)
SAVINGS PLAN
|
|
|
EIN
95-2795851 Plan
Number: 001
|
|
|
FORM 5500, SCHEDULE H, PART IV,
LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF
YEAR)
|
AS OF DECEMBER 31,
2008
|
|
|
|
|
|
|
|
(c) Description of
Investment,
|
|
|
|
|
|
|
|
|
(b) Identity of
Issuer,
|
|
Including Maturity
Date,
|
|
|
|
|
|
|
|
|
Borrower,
Lessor,
|
|
Rate of Interest,
Collateral,
|
|
|
|
|
(e) Current
|
|
(a)
|
|
or Similar
Party
|
|
Par, or Maturity
Value
|
|
(d) Cost
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franklin Flex Cap Growth
Fund
|
|
88,678 shares, Mutual
fund
|
|
|
**
|
|
|
$
|
2,739,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Davis Ny Venture Fund
A
|
|
62,276 shares, Mutual
fund
|
|
|
**
|
|
|
|
1,470,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vanguard Index Trust
500
|
|
33,405 shares, Mutual
fund
|
|
|
**
|
|
|
|
2,775,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vanguard Small Cap
Index
|
|
8,157 shares, Mutual
fund
|
|
|
**
|
|
|
|
166,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MFS Total Return
Fund
|
|
337,839 shares, Mutual
fund
|
|
|
**
|
|
|
|
3,864,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs Mid Cap
Value
|
|
18,200 shares, Mutual
fund
|
|
|
**
|
|
|
|
404,047
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vanguard Mid Cap Index
Fund
|
|
22,112 shares, Mutual
fund
|
|
|
**
|
|
|
|
260,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thornburg Core Growth
I
|
|
27,747 shares, Mutual
fund
|
|
|
**
|
|
|
|
278,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royce Value Plus Fund
I
|
|
44,671 shares, Mutual
fund
|
|
|
**
|
|
|
|
355,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royce Total Return
Fund
|
|
12,462 shares, Mutual
fund
|
|
|
**
|
|
|
|
108,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PIMCO Total Return Bond
Admin
|
|
294,081 shares, Mutual
fund
|
|
|
**
|
|
|
|
2,981,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Washington Mutual
Fund
|
|
61,354 shares, Mutual
fund
|
|
|
**
|
|
|
|
1,309,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Funds Growth Fund of
America
|
|
175,639 shares, Mutual
fund
|
|
|
**
|
|
|
|
3,568,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Fund EuroPacific
Growth
|
|
123,862 shares, Mutual
fund
|
|
|
**
|
|
|
|
3,413,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fidelity Advisory Equity Growth
Fund
|
|
3 shares, Mutual
fund
|
|
|
**
|
|
|
|
119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Prudential Stable Value
Fund
|
|
243,676 shares, Common collective
trust
|
|
|
**
|
|
|
|
10,086,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
East West Bancorp,
Inc.
|
|
637,468 shares, Common
stock
|
|
|
**
|
|
|
|
10,180,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Loans to
participants
|
|
Participant loans (maturing 2009
to 2027 with interest rates of 5.00% to 9.25% collateralized by
participants' account balances)
|
|
|
**
|
|
|
|
710,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
investments
|
|
|
|
|
|
|
|
$
|
44,675,493
|
|
*
Party-in-interest
|
** Cost information is not
required for participant directed investments and therefore is not
included.
|
SIGNATURE
The Plan.
Pursuant to the
requirements of the Securities Exchange Act of 1934, the trustees (or other
persons who administer the employee benefit plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
EAST
WEST BANK
EMPLOYEES
401(k) SAVINGS PLAN
|
|
|
|
|
|
|
By:
|
/s/ Thomas
J. Tolda
|
|
|
|
THOMAS
J. TOLDA
|
|
|
|
Executive
Vice President, Chief Financial Officer and Plan
Administrator
|
|
|
|
|
|
EXHIBIT
INDEX
Exhibit
Number
|
|
Description
|
|
|
|
23.1
|
|
Consent
of BDO Seidman LLP, independent registered public accounting firm (filed
herewith).
|
|
|
|
23.2
|
|
Consent
of Deloitte & Touche LLP, independent registered public accounting
firm (filed
herewith).
|
East West Bancorp (NASDAQ:EWBC)
Historical Stock Chart
From Jul 2024 to Jul 2024
East West Bancorp (NASDAQ:EWBC)
Historical Stock Chart
From Jul 2023 to Jul 2024