East West Bank to Acquire Rival
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Shares of East West Bancorp Inc. rose 7% on Friday after the San Marino company said it would buy cross-town rival United National Bank for an estimated $165 million.
Under terms of the deal announced late Thursday, 60% to 70% of the purchase price would be paid in stock and the rest in cash, at the seller’s discretion.
The deal would “further solidify” East West Bank’s position in the Chinese American market, its parent company said. United National Bank has “a strong franchise” among business and individual customers in that niche, East West said.
Privately held United National Bank has $970 million in assets and 11 branches, including eight in Southern California.
East West, which has $6.4 billion in assets and 45 branches, said it expected the deal to close this year.
East West shares rose $2.30 to $35.89.
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