PASADENA, Calif., March 17 /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 Standard Bank, a
$923 million asset federal savings bank headquartered in Monterey Park,
California. Standard Bank will merge with East West Bank as of the close of
business today.
The final consideration paid in the acquisition of Standard Bank was
$200.3 million. The consideration consisted of $70.1 million in cash and
3,547,314 shares of East West Bancorp common stock.
With the acquisition of Standard Bank, East West Bank has $9.2 billion in
assets and operates 62 branch locations -- 61 across Southern and Northern
California and one branch in Houston, Texas. The six branches acquired by
East West as part of the Standard deal are located in Diamond Bar, Hacienda
Heights, Los Angeles Chinatown, Monterey Park, San Gabriel and San Marino,
further enhancing East West's strong franchise in the Chinese-American market.
"We are excited to have the customers and employees of Standard Bank join
the East West family," said Dominic Ng, President and CEO of East West. "With
the acquisition of Standard Bank, we will be creating a stronger institution
and we anticipate a smooth integration for our customers."
"I could not be more pleased that Standard Bank and East West Bank are
joining forces," said John Lee, long-time chairman and president of Standard
Bank. "Our compatible values and strong financial performance in the Chinese
market are a perfect fit." Lee, one of the co-founders of Standard Bank, was
the original general manager of East West Bank and helped open East West over
33 years ago. Lee will join East West Bank as Vice Chairman.
About East West
East West Bancorp is a publicly owned company, with $9.2 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 with
62 branch locations. East West Bank serves the community with 61 branch
locations across Southern and Northern California, 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, 2005 (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; EWBC's ability to
efficiently incorporate acquisitions into its operations; the ability of EWBC
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 Bank expressly disclaims any obligation
to update or revise any forward-looking statements found herein to reflect any
changes in Bank's expectations of results or any change in event.
For more information at the Company:
Julia Gouw, Chief Financial Officer
(626) 768-6898
SOURCE East West Bancorp, Inc.
-0- 03/17/2006
/CONTACT: Julia Gouw, Chief Financial Officer of East West Bancorp, Inc.,
+1-626-768-6898/
/Web site: http://www.eastwestbank.com /
(EWBC)
CO: East West Bancorp, Inc.
ST: California
IN: FIN
SU: TNM
BF-KA
-- LAF045 --
5749 03/17/200619:00 ESThttp://www.prnewswire.com