East West Bank Acquires the Banking Operations of Seattle, Washington-Based Washington First International Bank
June 11 2010 - 8:15PM
Business Wire
East West Bancorp, Inc. (Nasdaq:EWBC), parent company of East
West Bank, announced today that it has acquired the banking
operations of Seattle, Washington-based Washington First
International Bank (WFIB) in a transaction with the Federal Deposit
Insurance Corporation (FDIC). Under the terms of the transaction,
East West will receive approximately $504 million in assets,
including $403 million in loans, and assume approximately $478
million in liabilities, including $415 million in deposits. The
FDIC and East West have entered into a loss sharing agreement
covering the acquired loans.
East West Bank is the largest bank in the nation focused on
serving the Asian American community and this strategically
attractive transaction expands East West’s operations in
Washington's Puget Sound area. With today’s transaction, East West
adds four branches to its Seattle area branch presence for a
combined total of 6 branches in the Puget Sound area. East West is
now the largest Asian-American bank in Washington.
“The acquisition of Washington First International Bank reflects
our commitment to the Asian-American community in the Seattle
region,” said Dominic Ng, Chairman and Chief Executive Officer of
East West. “We look forward to providing the customers of
Washington First International Bank with our expanded array of
deposit and loan products and services immediately, and access to
our nationwide branch network after integration is complete. This
acquisition further strengthens our vision to be recognized as the
premier bridge between East and West and our position as the
largest bank in the U.S. focused on serving the Asian-American
community,” continued Ng.
All WFIB branches will reopen as branches of East West Bank
under normal business hours – on Saturday for the International
District branch, and on Monday for the branches that operate Monday
through Friday. Depositors can continue to access their money by
writing checks or using ATM or debit cards. All outstanding checks
will be processed as usual, and customers can continue using their
WFIB checks. Loan customers should continue to make their payments
as they always have.
“We welcome WFIB’s customers and employees to the East West Bank
family,” said Ng. “All customers can rest assured that all of their
deposits are safe and accessible, continue to be covered under the
FDIC insurance program, and are now backed by the security and
strength of East West Bank,” Ng concluded.
About East West
East West Bancorp is a publicly owned company with over $20
billion in assets and is traded on the Nasdaq Global Select Market
under the symbol “EWBC”. The Company’s wholly owned subsidiary,
East West Bank, is one of the largest independent commercial banks
headquartered in California with over 130 locations worldwide,
including the U.S. markets of California, New York, Georgia,
Massachusetts, Texas and Washington. In Greater China, East West’s
presence includes a full service branch in Hong Kong and
representative offices in Beijing, Shanghai, Shenzhen and Taipei.
Through a wholly-owned subsidiary bank, East West’s presence in
Greater China also includes full service branches in Shanghai and
Shantou and representative offices in Beijing and Guangzhou. For
more information on East West Bancorp, visit the Company's website
at www.eastwestbank.com.
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