East West Bank (traditional Chinese: è¯ç¾ŽéŠ€è¡Œ; simplified Chinese: åŽç¾Žé"¶è¡Œ; pinyin:
The Chinese name is not a direct translation of east and west, rather it is two characters, which depend on context. è¯ can mean magnificent or splendid, but is often used in conjunction with other characters to refer to China and Chinese overseas. Likewise 美 can mean 'pretty' or 'USA, American'.
History
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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. Its focus was to serve the Chinese American community in Southern California.
In 1991, during the savings and loan crisis, the company acquired Pacific Coast Savings, which increased the bank's assets from $600 million to $1 billion and expanded operations to San Francisco, California.
By 1992, the bank had $1.4 billion in assets.
In 1992, Dominic Ng was named the Chairman, CEO and President of the company, replacing Kellogg Chan who retired.
East West Bank became a state-chartered commercial bank on July 31, 1995.
In 1999, the company acquired First Central Bank for $13.5 million in cash.
In August 2004, the company acquired Trust Bank, a Chinese American bank based in Monterey Park, California with 4 branches and $235 million in assets, for $32.9 million.
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.
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.
In August 2007, the company acquired Desert Community Bank, a community bank operating in the Victor Valley region of California. Desert Community Bank branches remain branded as such and did not change to East West Bank.
In 2009, the company acquired the assets of 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.
In January 2010, Irene H. Oh was promoted to EVP and CFO, replacing Thomas J. Tolda, who resigned.
In 2010, the company acquired the assets, including 4 branches, of Washington First International Bank of Seattle, Washington, via a transaction facilitated by the Federal Deposit Insurance Corporation.
In 2014, the company acquired MetroCorp Bancshares, which operated as MetroBank, for $268 million in cash and stock.
In October 2016, Gregory L. Guyett was appointed as the President and COO of the company.
Sponsors and endorsements
The bank's spokeswoman was figure skater Michelle Kwan.
East West Bank purchased the naming rights to the East West Ice Palace, an ice rink arena in Artesia, California.
East West Bancorp was the sponsor of the 2007 East West Bank Classic, a tennis tournament on the Women's Tennis Association Tour.
References
External links
- East West Bank
