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

Nov 6th, 2009 - Los Angeles Times

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Toppled by loan losses and misstated financial reports, San Francisco's United Commercial Bank was shut down by regulators tonight and immediately sold to Pasadena's East West Bancorp, creating by far the largest U.S. bank focused on the Chinese American market.

The combination also will be the largest bank based in Southern California, surpassing City National Bancorp.

No depositors will lose money in the failure of United Commercial, the Federal Deposit Insurance Corp. said. The bank's 63 U.S. branches, including 17 in Southern California, will reopen Saturday as branches of East West Bank.

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