East West Bank

Last updated
East West Bancorp, Inc.
Company type Subsidiary
Industry
FoundedJanuary 2, 1973;51 years ago (1973-01-02) in Los Angeles, California
Headquarters Pasadena, California
Number of locations
More than 100 locations [1]  (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)
RevenueIncrease2.svg US$2.607 billion [2]  (2023)
Increase2.svg US$1.161 billion [2]  (2023)
Total assets Increase2.svg US$70 billion [2]  (2023)
Total equity Increase2.svg US$6.951 billion [2]  (2023)
Number of employees
More than 3,000 [3]  (2023)
Parent East West Bancorp
Capital ratio 13% (CET1; 2023) [4]
RatingFitch: BBB (long-term); A2/F2 (short-term) [5]
Website www.eastwestbank.com OOjs UI icon edit-ltr-progressive.svg

East West Bank is an American bank that is the primary subsidiary of East West Bancorp, Inc. It is the largest publicly traded bank headquartered in Southern California. [6] The company has been ranked the #1 performing U.S. bank with more than $10 billion in assets by S&P Global Market Intelligence, and the top performing bank in its asset size (in excess of $50 billion) by Bank Director. [7] [8] [9]

Contents

East West was founded in 1973 in Los Angeles to serve the Chinese American community. As of 2024, the company is involved in commercial banking, residential lending, private equity, media, entertainment, infrastructure, healthcare, clean energy, technology, manufacturing, commercial real estate, and other sectors. [10] [11]

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. [12] 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, [13] [14] [15] 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 CEO of the company, replacing Kellogg Chan who retired. [12]

East West became a state-chartered commercial bank on July 31, 1995. [16] In 1999, the company acquired First Central Bank for $13.5 million in cash. [17]

In 2004, East West acquired Trust Bank, a Chinese American bank based in Monterey Park, California, with four branches and $235 million in assets, for $32.9 million. [18] In 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. [19] [20] In 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. [21] [22]

In 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. [23] In November 2017, East West agreed to sell Desert Community Bank to Flagstar Bank; the deal was completed in March 2018. [24]

In 2009, East West 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’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. [25] [26] [27]

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. [28] [29] [30] [31] In 2014, East West acquired MetroCorp Bancshares, which operated as MetroBank, for $268 million in cash and stock. [32] [33] [34]

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. [35] In 2023 and 2024, East West earned recognition as the top performing bank in the $50 billion and above asset size category by Bank Director. [36] [37]

East West is also known for helping finance major films and television shows, including Everything Everywhere All at Once , Yellowstone, and Orange is the New Black. [38]

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. [39] [40]

In 2023, the company signed professional golfer Rose Zhang to a sponsorship deal. [41]

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

Washington Federal Bank is an American bank based in Seattle, Washington. It operates over 200 branches throughout Washington, Oregon, Idaho, Nevada, Utah, Arizona, New Mexico, California, and Texas.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">Cathay Bank</span> Chinese American bank

Cathay Bank is a Chinese American bank founded in 1962.

United Commercial Bank was an overseas Chinese bank in the United States, based in San Francisco, California. It was a subsidiary of UCBH Holdings. Founded in 1974 as United Federal Savings and Loan Association, it changed its name to United Savings Bank, and finally United Commercial Bank in 1998. It had operations and branches located in the San Francisco Bay Area, Sacramento, Stockton, Los Angeles and Orange counties, New York, Boston, Greater Seattle Area, Hong Kong, Atlanta, Houston, Shanghai and two representative branches in Taipei, Taiwan and Shenzhen, China. United Commercial Bank was closed by regulators on November 6, 2009; it was the 120th U.S. bank to fail in 2009, and it had $11.2 billion in assets at the time of the bank failure. East West Bank of Pasadena, California, acquired all the deposits of UCBH.

<span class="mw-page-title-main">OneWest Bank</span> American regional bank of Southern California

OneWest Bank is a former US regional bank that operated from March 2019 to July 2022, when it became a division of First Citizens BancShares. With over 60 retail branches in Southern California. OneWest Bank specialized in consumer deposit and lending. OneWest also offered small business services, loans, and treasury management products.

<span class="mw-page-title-main">Flagstar Bank</span> American bank

Flagstar Bank is an American commercial bank headquartered in Troy, Michigan. A wholly owned subsidiary of New York Community Bank, Flagstar is one of the largest residential mortgage servicers in the United States, and ranked among the largest banks in the United States prior to its acquisition in 2022.

California Federal Bank, known as CalFed, was a retail bank and real estate lender headquartered in Los Angeles, California, that operated under a federal savings bank charter. In 2002, it operated 352 branches, most of which were in California, when acquired by Citigroup.

Valley National Bancorp, doing business as Valley Bank, is a regional bank holding company headquartered in Morristown, New Jersey, with approximately $64 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois. Valley Bank is one of the largest commercial banks headquartered in New Jersey.

<span class="mw-page-title-main">Umpqua Holdings Corporation</span> American bank

Umpqua Holdings Corporation, d.b.a. Umpqua Bank, is a financial holding company based in downtown Portland, Oregon, United States. Headquarters are in the Umpqua Bank Plaza, formerly the headquarters of Benj. Franklin Savings and Loan. The firm has two principal operating subsidiaries: Umpqua Bank and Umpqua Investments.

<span class="mw-page-title-main">Flagstar Financial</span> American bank holding company

Flagstar Financial, Inc. (FLG), is a bank holding company for Flagstar Bank headquartered in Hicksville, New York. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. Branches used to be operated under the names Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Arizona and Florida. However, they rebranded all of these under the Flagstar name on February 21, 2024. FLG is on the list of largest banks in the United States and is one of the largest lenders in the New York City metro area.

<span class="mw-page-title-main">First Citizens BancShares</span> American financial services company

First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina and one of the largest banks in the United States. Its primary subsidiary is First Citizens Bank, which operates over 500 branches in 23 states. A second subsidiary is Silicon Valley Bank, which operates 39 offices in 15 states.

<span class="mw-page-title-main">Dominic Ng</span> American banker (born 1959)

Dominic Ng is an American banker. He has served as CEO of Los Angeles–based East West Bank since 1992, and chairman and CEO since 1998, transforming East West from a savings and loan association into an international banking company. In 2023, Ng served as chair of the Asia-Pacific Economic Cooperation Business Advisory Council.

California Bank & Trust (CB&T) is a full-service bank specializing in consumer, commercial and wealth management services headquartered in San Diego, California. With more than 80 branches located across California and assets totaling about $91 billion, CB&T is a subsidiary of Zions Bancorporation, one of the nation's top 50 bank holding companies.

<span class="mw-page-title-main">PacWest Bancorp</span> American bank holding company

PacWest Bancorp is an American bank holding company based in Beverly Hills, California, with one wholly owned banking subsidiary, Pacific Western Bank. It is a subsidiary of Banc of California.

Pacific Premier Bancorp, Inc. is an American bank holding company under the Bank Holding Company Act of 1956 headquartered in Irvine, California, US. Its principal business focuses on Pacific Premier Bank, which offers a range of financial services to individuals, businesses, and professionals. The bank operates numerous branches in California, Arizona, Nevada, and Washington.

<span class="mw-page-title-main">Joseph Otting</span> American businessman (born 1957)

Joseph M. Otting is an American businessman and government official. He served as the 31st Comptroller of the Currency from November 27, 2017 to May 29, 2020.

Banc of California, Inc. is an American bank serving the state of California with over 80 branches in Southern California, extending from San Diego to Santa Barbara as well as locations in Denver, Colorado, and Durham, North Carolina. The bank is headquartered in Los Angeles, California, with over 2000 employees. Banc of California offers a broad range of loan and deposit products and services, focusing on providing banking and treasury management services to small-, middle-market, and venture-backed businesses

<span class="mw-page-title-main">Ameris Bancorp</span> Publicly traded banking company

Ameris Bancorp is a bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee.

Citizens Business Bank is an American bank that specialises on business accounts headquartered in Ontario, California.

References

  1. ↑ Min, Sarah (2024-05-31). "How East West Bancorp has gained an edge by serving the Asian American community". CNBC. Retrieved 2024-07-04.
  2. 1 2 3 4 "Check out East West Bancorp's stock price (EWBC) in real time". CNBC.
  3. ↑ Kamisher, Eliyahu; Bloomberg, Max Reyes (August 23, 2023). "With 'everybody else' dead or gone, a Pasadena bank grows". Los Angeles Times.
  4. ↑ Min, Sarah (May 31, 2024). "How East West Bancorp has gained an edge by serving the Asian American community". CNBC.
  5. ↑ "Fitch Ratings" . Retrieved 2024-06-07.
  6. ↑ Villaluz, Gaby (June 6, 2023). "Largest 50 US banks by total assets, Q1 2023" . Retrieved June 7, 2024.
  7. ↑ "East West Bancorp leads US public banks in 2022 financial performance ranking". S&P Global Market Intelligence. Retrieved 2024-11-15.
  8. ↑ "How Investors View the Best Banks". Bank Director. Retrieved 2024-11-15.
  9. ↑ "East West Bank Marks 25th Anniversary on Nasdaq Stock Exchange – Pasadena Now". pasadenanow.com. Retrieved 2024-11-15.
  10. ↑ "East West Bank Marks 25th Anniversary on Nasdaq Stock Exchange – Pasadena Now". pasadenanow.com. Retrieved 2024-11-15.
  11. ↑ Min, Sarah (2024-05-31). "How East West Bancorp has gained an edge by serving the Asian American community". CNBC. Retrieved 2024-11-15.
  12. 1 2 "East West Bank 2007 Honorees". Chinese Historical Society of Southern California. Archived from the original on 2018-01-07. Retrieved 2017-05-27.
  13. ↑ "THRIFT SEIZED. Federal regulators have seized the..." Orlando Sentinel . 19 March 1990. Retrieved 12 April 2023.
  14. ↑ "Past haunts founder of new thrift". San Francisco Business Times. 2000-04-03. Archived from the original on 17 September 2000. Retrieved 12 April 2023.
  15. ↑ "A new savings and loan company opened for business... - UPI Archives". UPI.com . 23 July 1981. Retrieved 12 April 2023.
  16. ↑ CLOUGH, RICHARD (2010-07-04). "CEO Puts East West's Name on Map". Los Angeles Business Journal. Retrieved 2024-05-14.
  17. ↑ Reckard, E. Scott (2003-01-07). "East West to Acquire Pacific Business Bank". Los Angeles Times. Retrieved 2024-05-14.
  18. ↑ "East West completes Trust Bank purchase". www.bizjournals.com. Retrieved 2024-05-14.
  19. ↑ Chen, Liyan (January 19, 2016). "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes Magazine .
  20. ↑ "East West Bancorp buying United National Bank". www.bizjournals.com. Retrieved 2024-05-14.
  21. ↑ Archives, L. A. Times (2005-12-30). "East West Bank to Buy Rival Standard". Los Angeles Times. Retrieved 2024-05-14.
  22. ↑ "East West to Buy Standard Bank". Los Angeles Business Journal. 2005-12-27. Retrieved 2024-05-14.
  23. ↑ Reckard, E. Scott (2007-04-25). "East West to acquire Desert bank". Los Angeles Times. Retrieved 2024-05-14.
  24. ↑ "Flagstar Bank to acquire Desert Community Bank branches from East West Bank". November 13, 2017.
  25. ↑ Reckard, E. Scott (November 7, 2009). "United Commercial Bank is shut down, sold to East West Bancorp". Los Angeles Times .
  26. ↑ Anderson, Mark (November 9, 2009). "United Commercial branches bought by East West Bank". American City Business Journals.
  27. ↑ "FDIC: Failed Bank Information - Bank Closing Information for United Commercial Bank, San Francisco, CA". www.fdic.gov. Retrieved 2024-06-08.
  28. ↑ Grygiel, Chris (June 11, 2010). "Bad loans force closure of Seattle-based bank". Seattle Post-Intelligencer.
  29. ↑ "FDIC: Failed Bank Information for Washington First International Bank, Seattle, WA". www.fdic.gov. Retrieved 2024-06-08.
  30. ↑ DeSilver, Drew (June 11, 2010). "Regulators close Washington First International Bank". The Seattle Times.
  31. ↑ Grind, Kirsten (June 11, 2010). "Washington First bank closed, sold to California firm". American City Business Journals.
  32. ↑ "East West completes buy of MetroCorp Bancshares". Pasadena Star News. 2014-01-21. Retrieved 2024-05-14.
  33. ↑ "East West Posts Higher Profits Following MetroCorp Acquisition". American Banker. 2014-07-17. Retrieved 2024-05-14.
  34. ↑ "East West to acquire MetroCorp for $273 million". Yahoo Finance. 2013-09-18. Retrieved 2024-05-14.
  35. ↑ Clark, Robert (March 28, 2023). "East West Bancorp leads US public banks in 2022 financial performance ranking". S&P Global Market Intelligence.
  36. ↑ "2023 RankingBanking Report" (PDF).
  37. ↑ "2024 RankingBanking Report".
  38. ↑ Kamisher, Eliyahu; Bloomberg, Max Reyes (2023-08-23). "With 'everybody else' dead or gone, a Pasadena bank grows". Los Angeles Times. Retrieved 2024-06-07.
  39. ↑ "Kwan to Speak for East West Bank". San Fernando Valley Business Journal. 2005-03-13. Retrieved 2024-05-14.
  40. ↑ ELLIOTT, HELENE (May 15, 2005). "Now Kwan Has a Rink of Her Own in Artesia". Los Angeles Times .
  41. ↑ "Pasadena-Based East-West Bank Sponsors Top-Ranked Golfer Rose Zhang As She Turns Pro – Pasadena Now". www.pasadenanow.com. Retrieved 2024-06-07.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.