United Commercial Bank is shut down, sold to East West Bancorp

The San Francisco based United Commercial Bank to reopen Saturday as branches of the East West Bank after it was closed by regulators on Friday and immediately sold the Pasadena-based East West Bancorp

The Department of Financial Institutions California has approved the purchase of the overnight bank-llwythog debt which has 16 branches in Los Angeles and Orange.

Dar East-West Bancorp to purchase and assumption agreement with the Federal Deposit Insurance Corp. (FDIC), which also includes all branches of the United States 63 United Commercial Bank, a branch of China in Hong Kong and a subsidiary of the headquarters of United Commercial Bank in Shanghai, China.

The depositors will automatically become depositors of East West Bank and will remain insured by the FDIC.

The disease is not bank-120-FDIC-insured institution failure in U.S. and 14 in California this year, officials said.

“This is an event exclusively on the two organizations and a growth opportunity for East West,” Dominic Ng, Chairman, President and CEO of the East, West, said in a statement.

Established in 1973, East West Bank, share a total of 137 branches in the United States. Will receive 10.4 billion dollars in assets in the United States, including 7.7 billion dollars in loans, and take 9.2 billion dollars in liabilities, including $ 6.5 million in deposits by United Commercial Bank.

The East West Bank has made California the second largest bank and the country’s largest bank focused on serving the Asian American community. The operation will help the bank to profitability in 2010 and business development, held in the future, said Ng.