PASADENA, Calif.--(BUSINESS WIRE)--
East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC),
parent company of East West Bank, the financial bridge between the
United States and Greater China, appointed Lester M. Sussman, Senior
Practice Director, Resources Global Professionals (“RGP”), to its Board
of Directors. Mr. Sussman was also appointed to the Board of Directors
of East West Bank. Mr. Sussman will join the Audit Committee and the
Risk Oversight Committee of both East West Bancorp and East West Bank.
The appointment is effective immediately. With this appointment, East
West Bancorp will have eleven directors, nine of whom are independent,
including Mr. Sussman.
“We are pleased that Les has accepted this opportunity to join the
boards of East West Bancorp and East West Bank,” said Dominic Ng,
Chairman and Chief Executive Officer of East West. “Les brings over 30
years of financial services experience to East West. His deep expertise
in accounting and auditing, as well as corporate governance will be a
complement to our Board as we execute our business model.”
Mr. Sussman, 60, has been the Senior Practice Director of RGP since
2005, providing corporate governance, risk management and compliance
services to clients globally. He also leads RGP’s financial services
industry group for the western region of the United States. Mr. Sussman
is a retired audit partner of Deloitte, where he held leadership
positions, including Partner in Charge of the Financial Services Group
for the Pacific Southwest, and Partner in Charge of Capital Markets for
the West Region. Mr. Sussman is a certified public accountant. Mr.
Sussman is a current member of the Executive Committee of the Braille
Institute and sits on the Board of Governors of the Florida State
University School of Business.
About East West
East West Bancorp is a publicly owned company with total assets of $31.1
billion 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 banks headquartered in California. East
West is a premier bank focused exclusively on the United States and
Greater China markets and operates over 130 locations worldwide,
including in the United States markets of California, Georgia, Nevada,
New York, Massachusetts, Texas and Washington. In Greater China, East
West’s presence includes full service branches in Hong Kong, Shanghai,
Shantou and Shenzhen, and representative offices in Beijing, Chongqing,
Guangzhou, Taipei and Xiamen. For more information on East West, visit
the Company’s website at www.eastwestbank.com.
Forward-Looking Statements
Certain matters set forth herein (including any exhibits hereto)
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, including
forward-looking statements relating to the Company’s current business
plans and expectations regarding future operating results.
Forward-looking statements may include, but are not limited to, the use
of forward-looking language, such as “likely result in,” “expects,”
“anticipates,” “estimates,” “forecasts,” “projects,” “intends to,” or
may include other similar words or phrases, such as “believes,” “plans,”
“trend,” “objective,” “continues,” “remains,” or similar expressions, or
future or conditional verbs, such as “will,” “would,” “should,” “could,”
“may,” “might,” “can,” or similar verbs. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results, performance or achievements to differ materially from
those projected. These risks and uncertainties, some of which are beyond
our control, include, but are not limited to, our ability to compete
effectively against other financial institutions in our banking markets;
changes in our borrowers’ performance on loans; changes in the
commercial and consumer real estate markets; changes in our costs of
operation, compliance and expansion; changes in the U.S. economy,
including inflation, employment levels, rate of growth and general
business conditions; changes in government interest rate policies;
changes in laws or the regulatory environment including regulatory
reform initiatives and policies of the U.S. Department of Treasury, the
Board of Governors of the Federal Reserve Board System, the Federal
Deposit Insurance Corporation, the U.S. Securities Exchange and
Commission and the Consumer Financial Protection Bureau; changes in the
economy of and monetary policy in the People’s Republic of China;
changes in accounting standards as may be required by the Financial
Accounting Standards Board or other regulatory agencies and its impact
on critical accounting policies and assumptions; changes in the equity
and debt securities markets; changes in competitive pressures on
financial institutions; future credit quality and performance, including
our expectations regarding future loan losses and allowance levels;
effect of government budget cuts and government shut down; fluctuations
of our stock price; success and timing of our business strategies;
impact of reputational risk created by these developments on matters
such as business generation and retention, funding and liquidity; impact
of potential federal tax increases and spending cuts; impact of adverse
judgments or settlements in litigation or of regulatory enforcement
actions; changes in our ability to receive dividends from our
subsidiaries; impact of political developments, wars or other
hostilities which may disrupt or increase volatility in securities or
otherwise affect economic conditions; continuing consolidation in the
financial services industry; our capital requirements and our ability to
generate capital internally or raise capital on favorable terms; impact
of the Dodd-Frank Wall Street Reform and Consumer Protection Act and of
new international standards known as Basel III on our business, business
practices and cost of operations; and other factors set forth in the
Company’s public reports including its Annual Report on Form 10-K for
the year ended December 31, 2014, and particularly the discussion of
risk factors within that document. If any of these risks or
uncertainties materializes or if any of the assumptions underlying such
forward-looking statements proves to be incorrect, the Company’s results
could differ materially from those expressed in, implied or projected by
such forward-looking statements.The Company assumes no
obligation to update such forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151029006757/en/
INVESTOR RELATIONS CONTACT:
East West Bancorp, Inc.
Irene
Oh
Chief Financial Officer
626-768-6360
Source: East West Bancorp, Inc.