PASADENA, Calif.--(BUSINESS WIRE)--
East West Bancorp, Inc. (Nasdaq: EWBC), parent company of East West
Bank, one of the nation's premier community
banks, announced today that it received preliminary approval on November
12, 2008 from the U.S. Department of the Treasury to receive $316
million of additional capital by participating in the Treasury's
Capital Purchase Program.
East West's total risk-based capital ratio of
13.12% as of September 30, 2008 is already well above the regulatory
requirement of 10.00% for a "well capitalized"
institution. With this additional capital, East West's
total risk-based capital would increase to 16.20%. Additionally, East
West's tangible equity to tangible assets
ratio would increase to 10.73%, from 7.95% as of September 30, 2008.
Dominic Ng, Chairman, President and Chief Executive Officer of East
West, stated, "We are pleased to be selected
to participate in the Treasury's program to
fortify the financial markets and economy. We intend to use this
additional capital to better serve the communities we are located in and
our customers."
About East West
East West Bancorp is a publicly owned company, with $11.7 billion in
assets, whose stock is traded on the Nasdaq Global Select Market under
the symbol "EWBC".
The company's wholly owned subsidiary, East
West Bank, is FDIC insured and the second largest independent commercial
bank headquartered in Southern California with 72 branch locations. East
West Bank serves the community with 70 branch locations across Southern
and Northern California and a branch location in Houston, Texas. East
West Bank has three international locations in Greater China, including
a full-service branch in Hong Kong and representative offices in Beijing
and Shanghai. 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, 2007 (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
borrowers to perform as required under the terms of their loans; effect
of additional provisions for loan losses; effect of any goodwill
impairment, 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 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 event.
Source: East West Bancorp, Inc.
Contact: East West Bancorp, Inc.
Tom Tolda, 626-768-6788
Chief Financial Officer