East West Bank

Finance & Insurance

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United Commercial Bank (Chinese: ????) was an overseas Chinese bank in the United States, based in San Francisco, California. It was a subsidiary of UCBH Holdings. Founded in 1974 as United Federal Savings and Loan Association, it changed its name to United Savings Bank, and finally United Commercial Bank in 1998. It had operations and branches located in the San Francisco Bay Area, Sacramento, Stockton, Los Angeles and Orange counties, New York, Boston, Greater Seattle Area, Hong Kong, Atlanta, Houston, Shanghai and two representative branches in Taipei, Taiwan and Shenzhen, China. United Commercial Bank was closed by regulators on November 6, 2009; it was the 120th U.S. bank to fail in 2009, and it had $11.2 billion in assets at the time of the bank failure. East West Bank of Pasadena, California, acquired all the deposits of UCBH. On January 11, 2007, UCBH announced that it was acquiring The Chinese American Bank with branch locations in Manhattan, New York and Flushing, New York. The deal was expected to close in the second quarter of 2007. On March 27, 2007, it was announced that UCBH would acquire Business Development Bank of Shanghai. The purchase was a $205 million cash purchase. The BDB acquisition gave UCB "a banking license in China -- a 'rare and hard-to-come-by' asset that makes it easier to operate and expand in that country, said RBC Capital Markets analyst Joe Morford. It has full-service offices in Shanghai, Hong Kong and Shantou, China." The California Department of Financial Institutions closed United Commercial Bank on November 6, 2009, and appointed the Federal Deposit Insurance Corporation as the banks receiver. The banks operations were merged into East West Bank. The bank, which took on $299 million preferred stock Troubled Asset Relief Program (TARP) funding from the United States Treasury in 2008—which is now a loss to the Treasury—is also expected to cost the FDIC some $1.4 billion in losses, the bulk of the losses on about $7.7 billion of UCBs assets acquired by East West.

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Founded1998
% Masters:
37%