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'sJune 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 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
SOURCE East West Bancorp, Inc.
-0- 09/07/2005
/CONTACT: Julia Gouw, Chief Financial Officer of East West Bancorp, Inc.,
+1-626-583-3512/
/Web site: http://www.eastwestbank.com /
(EWBC)
CO: East West Bancorp, Inc.; United National Bank
ST: California, Texas
IN: FIN
SU: TNM ASI
KM-CC
-- LAW100A --
6702 09/07/200516:30 EDThttp://www.prnewswire.com