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East West Bank

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For the bank with the same name in the Philippines, see EastWest Bank. For the bank based in Luxembourg, see East-West United Bank. For the Israeli-occupied territory along the Jordan River, see Area C (West Bank).
East West Bancorp, Inc.
Company typeSubsidiary
Industry
FoundedJanuary 2, 1973; 51 years ago (1973-01-02) in Los Angeles, California
HeadquartersPasadena, 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)
Revenue Increase US$2.607 billion[2] (2023)
Increase US$1.161 billion[2] (2023)
Total assets Increase US$70 billion[2] (2023)
Total equity Increase US$6.951 billion[2] (2023)
Number of employees
More than 3,000[3] (2023)
ParentEast West Bancorp
Capital ratio13% (CET1; 2023)[4]
RatingFitch: BBB (long-term); A2/F2 (short-term)[5]
Websitewww.eastwestbank.com Edit this at Wikidata

East West Bank (traditional Chinese: 華美銀行; simplified Chinese: 华美银行; pinyin: Huáměi Yínháng) 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, ranking 42nd on the list of largest banks in the United States.[6]

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.[7]

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.[8] Its focus was to serve the Chinese American community in Southern California. In 1976, Kellogg Chan, son of F. Chow Chan, was appointed chairman.[9]

In 1991, during the savings and loan crisis, the company acquired Pacific Coast Savings,[10][11][12] 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.[8]

East West Bank became a state-chartered commercial bank on July 31, 1995.[13] In 1999, the company acquired First Central Bank for $13.5 million in cash.[14]

In 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.[15] 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.[16][17] 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.[18][19]

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 Bank.[20] In November 2017, East West Bank agreed to sell Desert Community Bank to Flagstar Bank; the deal was completed in March 2018.[21]

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.[22][23][24]

In 2010, Irene H. Oh was promoted to EVP and CFO, replacing Thomas J. Tolda, who resigned.[25] The company also acquired the assets, including four branches, of Washington First International Bank of Seattle, Washington, via a transaction facilitated by the Federal Deposit Insurance Corporation.[26][27][28][29]

In 2014, the company acquired MetroCorp Bancshares, which operated as MetroBank, for $268 million in cash and stock.[30][31][32]

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.[33] In 2023 and 2024, East West Bank earned recognition as the top performing bank in the $50 billion and above asset size category by Bank Director.[34][35]

Senior leadership

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The bank has been led by a single chairman, president, and CEO – all 3 positions being one person – since its founding in 1973.[36]

List of chairmen, presidents, and CEOs

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  1. F. Chow Chan (1973–1976)[36]
  2. Kellogg Chan (1976–1992)[36]
  3. Dominic Ng (since 1992)[8]

Sponsorships

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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.[37][38]

In 2023, the company signed professional golfer Rose Zhang to a sponsorship deal.[39]

References

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  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. ^ a b c d "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. ^ 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.
  8. ^ a b c "East West Bank 2007 Honorees". Chinese Historical Society of Southern California. Archived from the original on 2018-01-07. Retrieved 2017-05-27.
  9. ^ Hamilton, Denise (9 April 1995). "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". Los Angeles Times. Retrieved 12 April 2023.
  10. ^ "THRIFT SEIZED. Federal regulators have seized the..." Orlando Sentinel. 19 March 1990. Retrieved 12 April 2023.
  11. ^ "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.
  12. ^ "A new savings and loan company opened for business... - UPI Archives". UPI.com. 23 July 1981. Retrieved 12 April 2023.
  13. ^ CLOUGH, RICHARD (2010-07-04). "CEO Puts East West's Name on Map". Los Angeles Business Journal. Retrieved 2024-05-14.
  14. ^ Reckard, E. Scott (2003-01-07). "East West to Acquire Pacific Business Bank". Los Angeles Times. Retrieved 2024-05-14.
  15. ^ "East West completes Trust Bank purchase". www.bizjournals.com. Retrieved 2024-05-14.
  16. ^ Chen, Liyan (January 19, 2016). "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes Magazine.
  17. ^ "East West Bancorp buying United National Bank". www.bizjournals.com. Retrieved 2024-05-14.
  18. ^ Archives, L. A. Times (2005-12-30). "East West Bank to Buy Rival Standard". Los Angeles Times. Retrieved 2024-05-14.
  19. ^ "East West to Buy Standard Bank". Los Angeles Business Journal. 2005-12-27. Retrieved 2024-05-14.
  20. ^ Reckard, E. Scott (2007-04-25). "East West to acquire Desert bank". Los Angeles Times. Retrieved 2024-05-14.
  21. ^ "Flagstar Bank to acquire Desert Community Bank branches from East West Bank". November 13, 2017.
  22. ^ Reckard, E. Scott (November 7, 2009). "United Commercial Bank is shut down, sold to East West Bancorp". Los Angeles Times.
  23. ^ Anderson, Mark (November 9, 2009). "United Commercial branches bought by East West Bank". American City Business Journals.
  24. ^ "FDIC: Failed Bank Information - Bank Closing Information for United Commercial Bank, San Francisco, CA". www.fdic.gov. Retrieved 2024-06-08.
  25. ^ "Press Release". www.sec.gov. Retrieved 2024-05-14.
  26. ^ Grygiel, Chris (June 11, 2010). "Bad loans force closure of Seattle-based bank". Seattle Post-Intelligencer.
  27. ^ "FDIC: Failed Bank Information for Washington First International Bank, Seattle, WA". www.fdic.gov. Retrieved 2024-06-08.
  28. ^ DeSilver, Drew (June 11, 2010). "Regulators close Washington First International Bank". The Seattle Times.
  29. ^ Grind, Kirsten (June 11, 2010). "Washington First bank closed, sold to California firm". American City Business Journals.
  30. ^ "East West completes buy of MetroCorp Bancshares". Pasadena Star News. 2014-01-21. Retrieved 2024-05-14.
  31. ^ "East West Posts Higher Profits Following MetroCorp Acquisition". American Banker. 2014-07-17. Retrieved 2024-05-14.
  32. ^ "East West to acquire MetroCorp for $273 million". Yahoo Finance. 2013-09-18. Retrieved 2024-05-14.
  33. ^ Clark, Robert (March 28, 2023). "East West Bancorp leads US public banks in 2022 financial performance ranking". S&P Global Market Intelligence.
  34. ^ "2023 RankingBanking Report" (PDF).
  35. ^ "2024 RankingBanking Report".
  36. ^ a b c "EastWest Bancorp 2002 Annual Report" (PDF).
  37. ^ "Kwan to Speak for East West Bank". San Fernando Valley Business Journal. 2005-03-13. Retrieved 2024-05-14.
  38. ^ ELLIOTT, HELENE (May 15, 2005). "Now Kwan Has a Rink of Her Own in Artesia". Los Angeles Times.
  39. ^ "Pasadena-Based East-West Bank Sponsors Top-Ranked Golfer Rose Zhang As She Turns Pro – Pasadena Now". www.pasadenanow.com. Retrieved 2024-06-07.
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