EX-99.1
2
exh99-1.htm
EWBC EXHIBIT 99.1
EWBC EXHIBIT 99.1
FOR
IMMEDIATE RELEASE
For
more information at the Company:
Julia
Gouw, Chief Financial Officer
(626)
768-6898
PASADENA,
CA - March 17, 2006 - East West Bancorp, Inc. (Nasdaq: EWBC), parent company
of
East West Bank, one of the nation's premier community banks, has completed
the
acquisition of Standard Bank, a $923 million asset federal savings bank
headquartered in Monterey Park, California. Standard Bank will merge with East
West Bank as of the close of business today.
The
final consideration paid in the acquisition of Standard Bank was $200.3 million.
The consideration consisted of $70.1 million in cash and 3,547,314 shares of
East West Bancorp common stock.
With
the acquisition of Standard Bank, East West Bank has $9.2 billion in assets
and
operates 62 branch locations - 61 across Southern and Northern California and
one branch in Houston, Texas. The six branches acquired by East West as part
of
the Standard deal are located in Diamond Bar, Hacienda Heights, Los Angeles
Chinatown, Monterey Park, San Gabriel and San Marino, further enhancing East
West's strong franchise in the Chinese-American market.
"We
are excited to have the customers and employees of Standard Bank join the East
West family", said Dominic Ng, President and CEO of East West. "With the
acquisition of Standard Bank, we will be creating a stronger institution and
we
anticipate a smooth integration for our customers".
"I
could not be more pleased that Standard Bank and East West Bank are joining
forces", said John Lee, long-time chairman and president of Standard Bank. "Our
compatible values and strong financial performance in the Chinese market are
a
perfect fit." Lee, one of the co-founders of Standard Bank, was the original
general manager of East West Bank and helped open East West over 33 years ago.
Lee will join East West Bank as Vice Chairman.
About
East West
East
West Bancorp is a publicly owned company, with $9.2 billion in assets, whose
stock is traded on the Nasdaq National Market under the symbol "EWBC". The
company's wholly owned subsidiary, East West Bank, is the second largest
independent commercial bank headquartered in Los Angeles with 62 branch
locations. East West Bank serves the community with 61 branch locations across
Southern and Northern California, one branch location in Houston, Texas and
a
Beijing Representative Office in China. For more information on East West
Bancorp, visit the company's website at www.eastwestbank.com.
Forward-Looking
Statements
This
release may contain forward-looking statements, which are included in accordance
with the "safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995 and accordingly, the cautionary statements contained in East West
Bancorp's Annual Report on Form 10-K for the year ended Dec. 31, 2005 (See Item
I -- Business, and Item 7 -- Management's Discussion and Analysis of
Consolidated Financial Condition and Results of Operations), and other filings
with the Securities and Exchange Commission are incorporated herein by
reference. These factors include, but are not limited to: the effect of interest
rate and currency exchange fluctuations; competition in the financial services
market for both deposits and loans; EWBC's ability to efficiently incorporate
acquisitions into its operations; the ability of EWBC and its subsidiaries
to
increase its customer base; the effect of regulatory and legislative action,
including California tax legislation and an announcement by the state's
Franchise Tax Board regarding the taxation of Registered Investment Companies;
and regional and general economic conditions. Actual results and performance
in
future periods may be materially different from any future results or
performance suggested by the forward-looking statements in this release. Such
forward-looking statements speak only as of the date of this release. East
West
Bank expressly disclaims any obligation to update or revise any forward-looking
statements found herein to reflect any changes in Bank's expectations of results
or any change in event.

EX - 99 . 1 2 exh99 - 1 . htm EWBC EXHIBIT 99 . 1 EWBC EXHIBIT 99 . 1 FOR IMMEDIATE RELEASE For more information at the Company : Julia Gouw , Chief Financial Officer ( 626 ) 768 - 6898 PASADENA , CA - March 17 , 2006 - East West Bancorp , Inc . ( Nasdaq : EWBC ) , parent company of East West Bank , one of the nation 's premier community banks , has completed the acquisition of Standard Bank , a $ 923 million asset federal savings bank headquartered in Monterey Park , California . Standard Bank will merge with East West Bank as of the close of business today . The final consideration paid in the acquisition of Standard Bank was $ 200.3 million . The consideration consisted of $ 70.1 million in cash and 3,547,314 shares of East West Bancorp common stock . With the acquisition of Standard Bank , East West Bank has $ 9.2 billion in assets and operates 62 branch locations - 61 across Southern and Northern California and one branch in Houston , Texas . The six branches acquired by East West as part of the Standard deal are located in Diamond Bar , Hacienda Heights , Los Angeles Chinatown , Monterey Park , San Gabriel and San Marino , further enhancing East West 's strong franchise in the Chinese - American market . " We are excited to have the customers and employees of Standard Bank join the East West family " , said Dominic Ng , President and CEO of East West . " With the acquisition of Standard Bank , we will be creating a stronger institution and we anticipate a smooth integration for our customers " . " I could not be more pleased that Standard Bank and East West Bank are joining forces " , said John Lee , long - time chairman and president of Standard Bank . " Our compatible values and strong financial performance in the Chinese market are a perfect fit . " Lee , one of the co - founders of Standard Bank , was the original general manager of East West Bank and helped open East West over 33 years ago . Lee will join East West Bank as Vice Chairman . About East West East West Bancorp is a publicly owned company , with $ 9.2 billion in assets , whose stock is traded on the Nasdaq National Market under the symbol " EWBC " . The company 's wholly owned subsidiary , East West Bank , is the second largest independent commercial bank headquartered in Los Angeles with 62 branch locations . East West Bank serves the community with 61 branch locations across Southern and Northern California , one branch location in Houston , Texas and a Beijing Representative Office in China . For more information on East West Bancorp , visit the company 's website at www.eastwestbank.com . Forward - Looking Statements This release may contain forward - looking statements , which are included in accordance with the " safe harbor " provisions of the Private Securities Litigation Reform Act of 1995 and accordingly , the cautionary statements contained in East West Bancorp 's Annual Report on Form 10 - K for the year ended Dec. 31 , 2005 ( See Item I -- Business , and Item 7 -- Management 's Discussion and Analysis of Consolidated Financial Condition and Results of Operations ) , and other filings with the Securities and Exchange Commission are incorporated herein by reference . These factors include , but are not limited to : the effect of interest rate and currency exchange fluctuations ; competition in the financial services market for both deposits and loans ; EWBC 's ability to efficiently incorporate acquisitions into its operations ; the ability of EWBC and its subsidiaries to increase its customer base ; the effect of regulatory and legislative action , including California tax legislation and an announcement by the state 's Franchise Tax Board regarding the taxation of Registered Investment Companies ; and regional and general economic conditions . Actual results and performance in future periods may be materially different from any future results or performance suggested by the forward - looking statements in this release . Such forward - looking statements speak only as of the date of this release . East West Bank expressly disclaims any obligation to update or revise any forward - looking statements found herein to reflect any changes in Bank 's expectations of results or any change in event .
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