East West Bank Adds Failed United Commercial Bank

Law360, New York (November 9, 2009, 2:34 PM EST) -- East West Bancorp Inc. has acquired rival United Commercial Bank in a Federal Deposit Insurance Corp.-backed transaction, following United Commercial's failure under the weight of heavy losses in the mortgage market.

The deal, announced Friday, will see East West add $10.4 billion in assets from UCB, including $7.7 billion in loans, and assume $9.2 billion in liabilities, including $6.5 billion in deposits. East West and the FDIC also entered into a loss-sharing agreement on the loan portfolio as part of the transaction.

East West paid a...
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