SAN MARINO, Calif., Jun 26, 2001 (BUSINESS WIRE) -- East West Bancorp Inc. (Nasdaq:EWBC), parent company of East West Bank, one of the nation's best performing community banks and a leading financial institution focused on the Chinese-American and other niche markets, today announced that Dominic Ng, its chairman, president and chief executive officer, received the Entrepreneur of the Year, Financial Services, award for Greater Los Angeles from Ernst & Young.
Ng received the prestigious title during the 15th annual Ernst & Young Entrepreneur of the Year awards banquet held in Los Angeles on June 19, 2001. The Entrepreneur of the Year program recognizes L.A.'s outstanding entrepreneurs who have demonstrated excellence and extraordinary success in such areas as innovation, financial performance, and personal commitment to their businesses and communities.
Ng was selected as the winner in the Financial Services category due in part to his exceptional leadership demonstrated in conceiving and executing East West's transition from a Federal Savings Bank exclusively serving the Chinese immigrant community to one of the most profitable and respected commercial banks in California.
Under Ng's stewardship, East West has grown to become the third-largest independent commercial bank with headquarters in Southern California, providing a wide range of responsive and value-added banking services to small and middle market commercial enterprises through the state. Ng was also the driving force behind the bank's pioneering role as the Bridge Between East and West, linking the mainstream and Asian communities for the benefit of both.
Ng has served as president and CEO of East West since 1992, and was named chairman in 1998 after directing the purchase of the bank from its former shareholder. Previously, Ng served as president of Seyen Investment Inc. in Los Angeles, a holding company whose investments included East West. Ng also held a number of senior positions at Deloitte & Touche LLP, including senior manager in the Audit Department and director of the Chinese Business Services Group.
Reflecting his commitment to community involvement beyond East West, Ng is active as a member of numerous corporate and community boards and organizations. Ng currently is the campaign chairman for the United Way of Greater Los Angeles, the first Asian American to serve in this position.
Ng also serves on the board of directors for ESS Technology Inc., the board of visitors of the Anderson School at UCLA, the board of regents of Loyola Marymount University and as vice chairman of Town Hall of Los Angeles.
Among the key entrepreneurial achievements highlighted in the award to Ng were the creativity and innovation that have long been the cornerstones to the success of East West Bancorp. East West strives to recognize opportunities that require a different approach to customer services, responding to new technologies with a solid commitment to its customer base.
East West recently introduced the nation's first fully transactional-capable Internet banking in Chinese. For the first time, customers across the nation and the world, can access information and conduct banking in their native script. These products and services prove profitable for East West, but more importantly, solidify the bank's position as the most creative and customer-focused banks serving California's Chinese-American population.
About East West
East West Bancorp is a publicly owned company, with $2.6 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 third-largest independent commercial bank with headquarters in Southern California.
East West Bank serves the community with 30 branches throughout Los Angeles, Orange, San Francisco, Alameda and Santa Clara counties. It is also one of the largest financial institutions in the nation focusing on the Chinese-American community.
For more information on East West Bancorp (via fax and at no cost), call 800/PRO-INFO and dial client code "EWBC." If calling from outside the United States, dial 732/544-2850. The company's Web site can be reached at 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, 2000 (See Item I -- Business, and Item 6 -- Management's Discussion and Analysis of Plan of Operation), 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; EWBC's ability to efficiently incorporate acquisitions into its operations; the ability of EWBC and its subsidiaries to increase its customer base; 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 expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in the Bank's expectations of results or any change in events.
CONTACT: East West Bancorp, San Marino
Julia Gouw, 626/583-3512
Steven Canup, 626/583-3775 (Investors)