East West Bank

East West Bank (traditional Chinese: 華美銀行; simplified Chinese: 华美银行; pinyin: Huáměi Yínháng), the primary subsidiary of East West Bancorp, Inc., is the largest independent bank headquartered in Southern California, United States. It was founded in 1973 in Los Angeles to serve the Chinese American community in Southern California. It is a premier bank focused exclusively on the United States and Greater China markets and operates over 125 locations worldwide, including in the markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington.[3] In Greater China, East West Bank's presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. Forbes magazine has named East West Bank among the top 15 of "America's 100 Best Banks" since 2010. In 2018, Forbes ranked East West Bank number five of "America's 100 Best Banks".[3][4]

For the Philippines-based universal bank, see EastWest Bank. For the Philippines-based rural bank, see EastWest Rural Bank. For the Israeli-occupied territory along the Jordan River, see Area C (West Bank).
East West Bancorp, Inc.
Subsidiary
IndustryFinancial services
PredecessorUnited Commercial Bank 
Founded1973 (1973) in Los Angeles, California
HeadquartersPasadena, California
Number of locations
125 locations
Key people
Dominic Ng (Chairman and Chief Executive Officer)
Irene H. Oh (EVP and CFO)
Douglas P. Krause (General Counsel)
Emily Wang (Director of Marketing)
ServicesBanking
Revenue US$402.4 million (2020 Q2)[1]
US$99.4 million (2020 Q2)[1]
Total assets US$49.4 billion (2020 Q2)[1]
Number of employees
3,200 (2018)[2]
ParentEast West Bancorp
Capital ratio14.4% (2020 Q2)[1]
Websiteeastwestbank.com

History

In 1973, East West Federal Bank was founded by F. Chow Chan, Betty Tom Chu, Richard K. Quan, Gilbert L. Leong, Philip Chow, John A Nuccio, Christopher L. Pocino, and John M. Lee.[5] Its focus was to serve the Chinese American community in Southern California.

In 1991, during the savings and loan crisis, the company acquired Pacific Coast Savings, which increased the bank's assets from $600 million to $1 billion and expanded operations to San Francisco, California.[6]

By 1992, the bank had $1.4 billion in assets.[5]

In 1992, Dominic Ng was named the Chairman, CEO and President of the company, replacing Kellogg Chan who retired.[5]

East West Bank became a state-chartered commercial bank on July 31, 1995.[7]

In 1999, the company acquired First Central Bank for $13.5 million in cash.[8]

In August 2004, the company acquired Trust Bank, a Chinese American bank based in Monterey Park, California, with four branches and $235 million in assets, for $32.9 million.[9][10]

In September 2005, the company acquired United National Bank, a commercial bank headquartered in San Marino, California, with 11 branches and $665 million in loans receivable, for $177.9 million.[6][11]

In March 2006, the company acquired Standard Bank, a Chinese-American bank headquartered in Monterey Park, California, with 6 branches and $923 million in assets, for $200 million.[11][12][13]

In August 2007, the company acquired Desert Community Bank, a community bank operating in the Victor Valley region of California. Desert Community Bank branches remained branded as such and did not change to East West Bank.[14] In November 2017, East West Bank agreed to sell Desert Community Bank to Flagstar Bank; the deal was completed in March 2018. [15]

In 2009, the company acquired the assets of United Commercial Bank (UCB), via a transaction facilitated by the Federal Deposit Insurance Corporation. This expanded East West Bank's reach by 63 branches, including 17 in Southern California, and branches in the Chinese American communities of Houston, Boston, and Atlanta, as well as branches in Hong Kong and China.[16][17][18]

In January 2010, Irene H. Oh was promoted to EVP and CFO, replacing Thomas J. Tolda, who resigned.[19]

In 2010, the company acquired the assets, including four branches, of Washington First International Bank of Seattle, Washington, via a transaction facilitated by the Federal Deposit Insurance Corporation.[20][21][22][23]

In 2014, the company acquired MetroCorp Bancshares, which operated as MetroBank, for $268 million in cash and stock.[24][25]

Sponsoring

The bank's spokeswoman was figure skater Michelle Kwan.[26]

East West Bank purchased the naming rights to the East West Ice Palace, an ice rink arena in Artesia, California.[26]

Velo by East West Bank™

Velo by East West Bank™ is a global banking service that was launched in 2019. It provides a fast, easy and safe way for global users to access premium financial products and services offered by East West Bank. The Velo mobile app also provides helpful tips and insights to connect customers to emerging opportunities. For more information on Velo by East West Bank™, please visit www.velobank.com.

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References
  1. "East West Bancorp Reports Net Income for Second Quarter 2020 of $99.4 Million and Diluted Earnings Per Share Of $0.70". July 23, 2020.
  2. "East West Bank Press Release Second Quarter 2019". July 18, 2019.
  3. "East West Bank Press Release Second Quarter 2019". July 18, 2019.
  4. "Full List: Ranking America's 100 Largest Banks 2018". Forbes. January 10, 2018.
  5. "East West Bank 2007 Honorees". Chinese Historical Society of Southern California.
  6. Chen, Liyan (January 19, 2016). "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes Magazine.
  7. East West Bancorp, Inc. 2014 Form 10-K Annual Report
  8. "East West Bancorp Completes Acquisition of First Central Bank" (Press release).
  9. "East West Bancorp Enters Into Definitive Agreement for the Acquisition of Trust Bank" (Press release). PRNewswire. June 3, 2004.
  10. "East West Bancorp Closes Trust Bank Acquisition" (Press release). PRNewswire. August 9, 2004.
  11. East West Bancorp, Inc. 2005 Form 10-K Annual Report
  12. "East West Bancorp and Standard Bank Enter Into Definitive Agreement for Strategic Merger" (Press release). PRNewswire. December 28, 2005.
  13. "East West Bancorp Closes Standard Bank Acquisition" (Press release). PRNewswire. March 17, 2006.
  14. "East West Bancorp Closes Desert Community Bank Merger" (Press release). PRNewswire. August 17, 2007.
  15. "East West Bank Announces Agreement to Sell Desert Community Bank Branches to Flagstar Bank, FSB". www.businesswire.com. 2017-11-13. Retrieved 2019-07-21.
  16. Reckard, E. Scott (November 7, 2009). "United Commercial Bank is shut down, sold to East West Bancorp". Los Angeles Times.
  17. Anderson, Mark (November 9, 2009). "United Commercial branches bought by East West Bank". American City Business Journals.
  18. Federal Deposit Insurance Corporation Failed Bank Information for United Commercial Bank, San Francisco, CA
  19. "East West Bancorp, Inc. Appoints Irene H. Oh Executive Vice President and Chief Financial Officer" (Press release). Business Wire. January 26, 2010.
  20. Grygiel, Chris (June 11, 2010). "Bad loans force closure of Seattle-based bank". Seattle Post-Intelligencer.
  21. Federal Deposit Insurance Corporation Failed Bank Information for Washington First International Bank, Seattle, WA
  22. DeSilver, Drew (June 11, 2010). "Regulators close Washington First International Bank". The Seattle Times.
  23. Grind, Kirsten (June 11, 2010). "Washington First bank closed, sold to California firm". American City Business Journals.
  24. "East West Bancorp Closes MetroCorp Bancshares Acquisition" (Press release). Business Wire. January 17, 2014.
  25. Wilkinson, Emily (January 23, 2014). "California bank boosts Texas footprint with MetroCorp deal". American City Business Journals.
  26. ELLIOTT, HELENE (May 15, 2005). "Now Kwan Has a Rink of Her Own in Artesia". Los Angeles Times.
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