East West Bank Explained

East West Bancorp, Inc.
Type:Subsidiary
Foundation: in Los Angeles, California
Hq Location:Pasadena, California
Locations:More than 100 locations[1]
Num Locations Year:2023
Area Served:California, New York, Texas, Washington, Nevada, Massachusetts, Georgia
Key People:Dominic Ng (chairman and CEO)
Christopher J. Del Moral-Niles, CFA (EVP and CFO)
Irene H. Oh (EVP and CRO)
Lisa Kim (General Counsel)
Revenue Year:2023
Net Income Year:2023
Assets Year:2023
Equity Year:2023
Num Employees:More than 3,000[2]
Num Employees Year:2023
Parent:East West Bancorp
Ratio:13% (CET1; 2023)[3]
Rating:Fitch: BBB (long-term); A2/F2 (short-term)[4]

East West Bank 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.[5]

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.[6]

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

In 1976, Kellogg Chan, son of F. Chow Chan, was appointed chairman.[8]

In 1991, during the savings and loan crisis, the company acquired Pacific Coast Savings,[9] [10] [11] 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.[7]

East West Bank became a state-chartered commercial bank on July 31, 1995.[12] In 1999, the company acquired First Central Bank for $13.5 million in cash.[13]

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.[14]

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.[15] [16]

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.[17] [18]

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.[19] In November 2017, East West Bank agreed to sell Desert Community Bank to Flagstar Bank; the deal was completed in March 2018.[20]

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.[21] [22] [23]

In January 2010, Irene H. Oh was promoted to EVP and CFO, replacing Thomas J. Tolda, who resigned.[24] 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.[25] [26] [27] [28]

In 2014, the company acquired MetroCorp Bancshares, which operated as MetroBank, for $268 million in cash and stock.[29] [30] [31]

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.[32]

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.[33]

List of chairmen, presidents, and CEOs

  1. F. Chow Chan (1973–1976)
  2. Kellogg Chan (1976–1992)
  3. Dominic Ng (since 1992)

Sponsorships

In 2005, East West 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.[34] [35]

In 2023, the company signed professional golfer Rose Zhang to a sponsorship deal.[36]

External links

NASDAQ:

Notes and References

  1. Web site: Min . Sarah . 2024-05-31 . How East West Bancorp has gained an edge by serving the Asian American community . 2024-07-04 . CNBC . en.
  2. Web site: With ‘everybody else’ dead or gone, a Pasadena bank grows. Eliyahu. Kamisher. Max Reyes. Bloomberg. August 23, 2023. Los Angeles Times.
  3. Web site: How East West Bancorp has gained an edge by serving the Asian American community. Sarah. Min. May 31, 2024. CNBC.
  4. Web site: Fitch Ratings . 2024-06-07.
  5. Web site: Villaluz . Gaby . June 6, 2023 . Largest 50 US banks by total assets, Q1 2023 . June 7, 2024 .
  6. Web site: Kamisher . Eliyahu . Bloomberg . Max Reyes . 2023-08-23 . With 'everybody else' dead or gone, a Pasadena bank grows . 2024-06-07 . Los Angeles Times . en-US.
  7. Web site: East West Bank 2007 Honorees . . 2017-05-27 . 2018-01-07 . https://web.archive.org/web/20180107061440/http://www.chssc.org/History/Honorees/Honorees2007d.aspx . dead .
  8. News: Hamilton . Denise . 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. . 12 April 2023 . . 9 April 1995.
  9. Web site: THRIFT SEIZED. Federal regulators have seized the... . . 19 March 1990 . 12 April 2023.
  10. News: Past haunts founder of new thrift . 12 April 2023 . San Francisco Business Times . 2000-04-03 . https://web.archive.org/web/20000917025602/http://www.bizjournals.com/sanfrancisco/stories/2000/04/03/story2.html . 17 September 2000.
  11. News: A new savings and loan company opened for business... - UPI Archives . 12 April 2023 . . 23 July 1981 . en.
  12. Web site: CLOUGH . RICHARD . 2010-07-04 . CEO Puts East West's Name on Map . 2024-05-14 . Los Angeles Business Journal . en-US.
  13. Web site: Reckard . E. Scott . 2003-01-07 . East West to Acquire Pacific Business Bank . 2024-05-14 . Los Angeles Times . en-US.
  14. Web site: East West completes Trust Bank purchase . 2024-05-14 . www.bizjournals.com.
  15. Web site: Chen. Liyan. January 19, 2016. Meet The Chinese American Bank That Wants To Become Wells Fargo. Forbes Magazine.
  16. Web site: East West Bancorp buying United National Bank . 2024-05-14 . www.bizjournals.com.
  17. Web site: Archives . L. A. Times . 2005-12-30 . East West Bank to Buy Rival Standard . 2024-05-14 . Los Angeles Times . en-US.
  18. Web site: 2005-12-27 . East West to Buy Standard Bank . 2024-05-14 . Los Angeles Business Journal . en-US.
  19. Web site: Reckard . E. Scott . 2007-04-25 . East West to acquire Desert bank . 2024-05-14 . Los Angeles Times . en-US.
  20. News: November 13, 2017 . Flagstar Bank to acquire Desert Community Bank branches from East West Bank .
  21. News: United Commercial Bank is shut down, sold to East West Bancorp . E. Scott . Reckard . . November 7, 2009.
  22. News: United Commercial branches bought by East West Bank . Mark . Anderson . . November 9, 2009.
  23. Web site: FDIC: Failed Bank Information - Bank Closing Information for United Commercial Bank, San Francisco, CA . 2024-06-08 . www.fdic.gov.
  24. Web site: Press Release . 2024-05-14 . www.sec.gov.
  25. News: Bad loans force closure of Seattle-based bank . Chris . Grygiel . . June 11, 2010.
  26. Web site: FDIC: Failed Bank Information for Washington First International Bank, Seattle, WA . 2024-06-08 . www.fdic.gov.
  27. News: Regulators close Washington First International Bank . Drew . DeSilver . . June 11, 2010.
  28. News: Washington First bank closed, sold to California firm . Kirsten . Grind . . June 11, 2010.
  29. Web site: 2014-01-21 . East West completes buy of MetroCorp Bancshares . 2024-05-14 . Pasadena Star News . en-US.
  30. Web site: 2014-07-17 . East West Posts Higher Profits Following MetroCorp Acquisition . 2024-05-14 . American Banker . en.
  31. Web site: 2013-09-18 . East West to acquire MetroCorp for $273 million . 2024-05-14 . Yahoo Finance . en-US.
  32. Web site: Clark . Robert . March 28, 2023 . East West Bancorp leads US public banks in 2022 financial performance ranking . S&P Global Market Intelligence.
  33. Web site: EastWest Bancorp 2002 Annual Report.
  34. Web site: 2005-03-13 . Kwan to Speak for East West Bank . 2024-05-14 . San Fernando Valley Business Journal . en-US.
  35. News: Now Kwan Has a Rink of Her Own in Artesia . HELENE . ELLIOTT . . May 15, 2005.
  36. Web site: Pasadena-Based East-West Bank Sponsors Top-Ranked Golfer Rose Zhang As She Turns Pro – Pasadena Now . 2024-06-07 . www.pasadenanow.com.

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