East West Bank

East West Bancorp, Inc.
Company type	Subsidiary
Industry	Banking; Financial Services;
Founded	January 2, 1973; 51 years ago in Los Angeles, California
Headquarters	Pasadena, California
Number of locations	More than 100 locations (2023)
Area served	California, New York, Texas, Washington, Nevada, Massachusetts, Georgia
Key people	Dominic Ng (Chairman and Chief Executive Officer); Christopher J. Del Moral-Niles, CFA (EVP and CFO) ; Irene H. Oh (EVP and CRO); Lisa Kim (General Counsel)
Revenue	US$2.607 billion (2023)
Net income	US$1.161 billion (2023)
Total assets	US$70 billion (2023)
Total equity	US$6.951 billion (2023)
Number of employees	More than 3,000 (2023)
Parent	East West Bancorp
Capital ratio	13% (CET1; 2023)
Rating	Fitch: BBB (long-term); A2/F2 (short-term)
Website	www.eastwestbank.com

East West Bank (traditional Chinese: 華美銀行; simplified Chinese: 华美银行; pinyin: Huáměi Yínháng) is the primary subsidiary of East West Bancorp, Inc. It is the largest publicly traded bank headquartered in Southern California, ranking 42nd on the list of largest banks in the United States.^[9] East West was founded in 1973 in Los Angeles to serve the Chinese American community. It is known for financing major films and television shows, including Everything Everywhere All at Once, Yellowstone, and Orange is the New Black.^[10]

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.^[11] Its focus was to serve the Chinese American community in Southern California.

In 1976, Kellogg Chan, son of F. Chow Chan, was appointed chairman.^[12]

In 1991, during the savings and loan crisis, the company acquired Pacific Coast Savings,^[13]^[14]^[15] which increased the bank's assets from $600 million to $1 billion and expanded operations to San Francisco, California

In 1992, Dominic Ng was named the Chairman, CEO and President of the company, replacing Kellogg Chan who retired.^[11]

East West Bank became a state-chartered commercial bank on July 31, 1995.^[16]

In 1999, the company acquired First Central Bank for $13.5 million in cash.^[17]

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.^[18]

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.^[19]^[20]

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.^[21]^[22]

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.^[23] In November 2017, East West Bank agreed to sell Desert Community Bank to Flagstar Bank; the deal was completed in March 2018.^[24]

In 2009, the company acquired the assets of San-Francisco-based 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.^[25]^[26]^[27]

In January 2010, Irene H. Oh was promoted to EVP and CFO, replacing Thomas J. Tolda, who resigned.^[28] 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.^[29]^[30]^[31]^[32]

In 2014, the company acquired MetroCorp Bancshares, which operated as MetroBank, for $268 million in cash and stock.^[33]^[34]^[35]

In 2022, the company was named the top public bank in the United States with more than $10 billion in assets by S&P Global Market Intelligence.^[36]

In 2023, East West expanded its footprint in Asia with the opening of a representative office in Singapore.

Senior leadership

The bank has been led by a single chairman, president, and CEO – all 3 positions being one person – since its founding in 1973.^[37]

List of chairmen, presidents, and CEOs

F. Chow Chan (1973–1976)^[37]
Kellogg Chan (1976–1992)^[37]
Dominic Ng (since 1992)^[11]

Sponsorships

In 2005 the bank signed figure skater Michelle Kwan to be a spokesperson and purchased the naming rights to East West Ice Palace, an ice rink arena in Artesia, California.^[38]^[39]

In 2023, East West signed professional golfer Rose Zhang to a sponsorship deal.^[40]

References

^ https://www.cnbc.com/2024/05/31/how-east-west-bancorp-has-gained-an-edge-by-serving-the-asian-american-commun.html ^{[bare URL PDF]}
^ https://www.cnbc.com/quotes/EWBC?tab=financials ^{[bare URL PDF]}
^ https://www.cnbc.com/quotes/EWBC?tab=financials ^{[bare URL PDF]}
^ https://www.cnbc.com/quotes/EWBC?tab=financials ^{[bare URL PDF]}
^ https://www.cnbc.com/quotes/EWBC?tab=financials ^{[bare URL PDF]}
^ https://www.latimes.com/business/story/2023-08-23/east-west-bancorp-pasadena-bank-grows ^{[bare URL PDF]}
^ https://www.cnbc.com/2024/05/31/how-east-west-bancorp-has-gained-an-edge-by-serving-the-asian-american-commun.html ^{[bare URL PDF]}
^ "Fitch Ratings". Retrieved 2024-06-07.
^ Villaluz, Gaby (June 6, 2023). "Largest 50 US banks by total assets, Q1 2023". Retrieved June 7, 2024.
^ Kamisher, Eliyahu; Bloomberg, Max Reyes (2023-08-23). "With 'everybody else' dead or gone, a Pasadena bank grows". Los Angeles Times. Retrieved 2024-06-07.
^ ^a ^b ^c "East West Bank 2007 Honorees". Chinese Historical Society of Southern California. Archived from the original on 2018-01-07. Retrieved 2017-05-27.
^ Hamilton, Denise (9 April 1995). "Banking on the Family Name : The Owner of an Ailing Bank Needed a Proven Moneymaker, Savvy With the Ways of Chinese Customers, to Pull It Out of the Red. So He Turned to Finance Scion Kellogg Chan, the Man With the Golden Touch". Los Angeles Times. Retrieved 12 April 2023.
^ "THRIFT SEIZED. Federal regulators have seized the..." Orlando Sentinel. 19 March 1990. Retrieved 12 April 2023.
^ "Past haunts founder of new thrift". San Francisco Business Times. 2000-04-03. Archived from the original on 17 September 2000. Retrieved 12 April 2023.
^ "A new savings and loan company opened for business... - UPI Archives". UPI.com. 23 July 1981. Retrieved 12 April 2023.
^ CLOUGH, RICHARD (2010-07-04). "CEO Puts East West's Name on Map". Los Angeles Business Journal. Retrieved 2024-05-14.
^ Reckard, E. Scott (2003-01-07). "East West to Acquire Pacific Business Bank". Los Angeles Times. Retrieved 2024-05-14.
^ "East West completes Trust Bank purchase". www.bizjournals.com. Retrieved 2024-05-14.
^ Chen, Liyan (January 19, 2016). "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes Magazine.
^ "East West Bancorp buying United National Bank". www.bizjournals.com. Retrieved 2024-05-14.
^ Archives, L. A. Times (2005-12-30). "East West Bank to Buy Rival Standard". Los Angeles Times. Retrieved 2024-05-14.
^ "East West to Buy Standard Bank". Los Angeles Business Journal. 2005-12-27. Retrieved 2024-05-14.
^ Reckard, E. Scott (2007-04-25). "East West to acquire Desert bank". Los Angeles Times. Retrieved 2024-05-14.
^ "Flagstar Bank to acquire Desert Community Bank branches from East West Bank". November 13, 2017.{{cite news}}: CS1 maint: url-status (link)
^ Reckard, E. Scott (November 7, 2009). "United Commercial Bank is shut down, sold to East West Bancorp". Los Angeles Times.
^ Anderson, Mark (November 9, 2009). "United Commercial branches bought by East West Bank". American City Business Journals.
^ "FDIC: Failed Bank Information - Bank Closing Information for United Commercial Bank, San Francisco, CA". www.fdic.gov. Retrieved 2024-06-08.
^ "Press Release". www.sec.gov. Retrieved 2024-05-14.
^ Grygiel, Chris (June 11, 2010). "Bad loans force closure of Seattle-based bank". Seattle Post-Intelligencer.
^ "FDIC: Failed Bank Information for Washington First International Bank, Seattle, WA". www.fdic.gov. Retrieved 2024-06-08.
^ DeSilver, Drew (June 11, 2010). "Regulators close Washington First International Bank". The Seattle Times.
^ Grind, Kirsten (June 11, 2010). "Washington First bank closed, sold to California firm". American City Business Journals.
^ "East West completes buy of MetroCorp Bancshares". Pasadena Star News. 2014-01-21. Retrieved 2024-05-14.
^ "East West Posts Higher Profits Following MetroCorp Acquisition". American Banker. 2014-07-17. Retrieved 2024-05-14.
^ "East West to acquire MetroCorp for $273 million". Yahoo Finance. 2013-09-18. Retrieved 2024-05-14.
^ Clark, Robert (March 28, 2023). "East West Bancorp leads US public banks in 2022 financial performance ranking". S&P Global Market Intelligence.
^ ^a ^b ^c "EastWest Bancorp 2002 Annual Report" (PDF).
^ "Kwan to Speak for East West Bank". San Fernando Valley Business Journal. 2005-03-13. Retrieved 2024-05-14.
^ ELLIOTT, HELENE (May 15, 2005). "Now Kwan Has a Rink of Her Own in Artesia". Los Angeles Times.
^ "Pasadena-Based East-West Bank Sponsors Top-Ranked Golfer Rose Zhang As She Turns Pro – Pasadena Now". www.pasadenanow.com. Retrieved 2024-06-07.

External links

Official website

[CNBC-1] ttps://www.cnbc.com/2024/05/31/how-east-west-bancorp-has-gained-an-edge-by-serving-the-asian-american-commun.html ^{[bare URL PDF]}

[CNBC1-2] ttps://www.cnbc.com/quotes/EWBC?tab=financials ^{[bare URL PDF]}

[CNBC2-3] ttps://www.cnbc.com/quotes/EWBC?tab=financials ^{[bare URL PDF]}

[CNBC3-4] ttps://www.cnbc.com/quotes/EWBC?tab=financials ^{[bare URL PDF]}

[CNBC4-5] ttps://www.cnbc.com/quotes/EWBC?tab=financials ^{[bare URL PDF]}

[Los_Angeles_Times-6] ttps://www.latimes.com/business/story/2023-08-23/east-west-bancorp-pasadena-bank-grows ^{[bare URL PDF]}

[CNBC5-7] ttps://www.cnbc.com/2024/05/31/how-east-west-bancorp-has-gained-an-edge-by-serving-the-asian-american-commun.html ^{[bare URL PDF]}

[8] "Fitch Ratings". Retrieved 2024-06-07.

[9] Villaluz, Gaby (June 6, 2023). "Largest 50 US banks by total assets, Q1 2023". Retrieved June 7, 2024.

[10] Kamisher, Eliyahu; Bloomberg, Max Reyes (2023-08-23). "With 'everybody else' dead or gone, a Pasadena bank grows". Los Angeles Times. Retrieved 2024-06-07.

[chssc2007-11] "East West Bank 2007 Honorees". Chinese Historical Society of Southern California. Archived from the original on 2018-01-07. Retrieved 2017-05-27.

[latimes/1995-04-09-ci-53134-12] Hamilton, Denise (9 April 1995). "Banking on the Family Name : The Owner of an Ailing Bank Needed a Proven Moneymaker, Savvy With the Ways of Chinese Customers, to Pull It Out of the Red. So He Turned to Finance Scion Kellogg Chan, the Man With the Golden Touch". Los Angeles Times. Retrieved 12 April 2023.

[os-1990-03-19-3262-13] "THRIFT SEIZED. Federal regulators have seized the..." Orlando Sentinel. 19 March 1990. Retrieved 12 April 2023.

[bizjournals/2000/04/03/story2-14] "Past haunts founder of new thrift". San Francisco Business Times. 2000-04-03. Archived from the original on 17 September 2000. Retrieved 12 April 2023.

[upi/7218364708800/-15] "A new savings and loan company opened for business... - UPI Archives". UPI.com. 23 July 1981. Retrieved 12 April 2023.

[16] CLOUGH, RICHARD (2010-07-04). "CEO Puts East West's Name on Map". Los Angeles Business Journal. Retrieved 2024-05-14.

[17] Reckard, E. Scott (2003-01-07). "East West to Acquire Pacific Business Bank". Los Angeles Times. Retrieved 2024-05-14.

[18] "East West completes Trust Bank purchase". www.bizjournals.com. Retrieved 2024-05-14.

[meet-19] Chen, Liyan (January 19, 2016). "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes Magazine.

[20] "East West Bancorp buying United National Bank". www.bizjournals.com. Retrieved 2024-05-14.

[21] Archives, L. A. Times (2005-12-30). "East West Bank to Buy Rival Standard". Los Angeles Times. Retrieved 2024-05-14.

[22] "East West to Buy Standard Bank". Los Angeles Business Journal. 2005-12-27. Retrieved 2024-05-14.

[23] Reckard, E. Scott (2007-04-25). "East West to acquire Desert bank". Los Angeles Times. Retrieved 2024-05-14.

[24] "Flagstar Bank to acquire Desert Community Bank branches from East West Bank". November 13, 2017.{{cite news}}: CS1 maint: url-status (link)

[25] Reckard, E. Scott (November 7, 2009). "United Commercial Bank is shut down, sold to East West Bancorp". Los Angeles Times.

[26] Anderson, Mark (November 9, 2009). "United Commercial branches bought by East West Bank". American City Business Journals.

[27] "FDIC: Failed Bank Information - Bank Closing Information for United Commercial Bank, San Francisco, CA". www.fdic.gov. Retrieved 2024-06-08.

[28] "Press Release". www.sec.gov. Retrieved 2024-05-14.

[29] Grygiel, Chris (June 11, 2010). "Bad loans force closure of Seattle-based bank". Seattle Post-Intelligencer.

[30] "FDIC: Failed Bank Information for Washington First International Bank, Seattle, WA". www.fdic.gov. Retrieved 2024-06-08.

[31] DeSilver, Drew (June 11, 2010). "Regulators close Washington First International Bank". The Seattle Times.

[32] Grind, Kirsten (June 11, 2010). "Washington First bank closed, sold to California firm". American City Business Journals.

[33] "East West completes buy of MetroCorp Bancshares". Pasadena Star News. 2014-01-21. Retrieved 2024-05-14.

[34] "East West Posts Higher Profits Following MetroCorp Acquisition". American Banker. 2014-07-17. Retrieved 2024-05-14.

[35] "East West to acquire MetroCorp for $273 million". Yahoo Finance. 2013-09-18. Retrieved 2024-05-14.

[36] Clark, Robert (March 28, 2023). "East West Bancorp leads US public banks in 2022 financial performance ranking". S&P Global Market Intelligence.

[:1-37] "EastWest Bancorp 2002 Annual Report" (PDF).

[38] "Kwan to Speak for East West Bank". San Fernando Valley Business Journal. 2005-03-13. Retrieved 2024-05-14.

[rink-39] ELLIOTT, HELENE (May 15, 2005). "Now Kwan Has a Rink of Her Own in Artesia". Los Angeles Times.

[40] "Pasadena-Based East-West Bank Sponsors Top-Ranked Golfer Rose Zhang As She Turns Pro – Pasadena Now". www.pasadenanow.com. Retrieved 2024-06-07.

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East West Bank

History

Senior leadership

List of chairmen, presidents, and CEOs

Sponsorships

References

External links

Fossalta di Portogruaro

Józef Maria Bocheński

Dislokasi

Hartono Hamid

NASCAR Seri Piala Sprint musim 2014

Bataille d'Arnemuiden

Komando Distrik Militer 0620

Allemagne au Concours Eurovision de la chanson 1961

مقاطعة ويستون (وايومنغ)

Первородный грех

Синелобый амазон

Синелобый амазон

Kateřina Havlíčková

Determinism

趙家驤

Elpída

National Institute on Drug Abuse

Data fusion

Porto Re

Шаблон:Мифология