CATHAY GENERAL BANCORP (NASDAQ:CATY) Files An 8-K Other EventsItem 8.01 Other Events.
As previously disclosed, Cathay General Bancorp (“Cathay”) and Bank SinoPac Co. Ltd. (“SinoPac”) entered into a Stock Purchase Agreement dated July 8, 2016 (the “SPA”) providing for the acquisition (the “Acquisition”) by Cathay of SinoPac Bancorp, the U.S. subsidiary of SinoPac and the parent company of Far East National Bank. On June 23, 2017, Cathay and SinoPac agreed to extend the “end date” under the SPA from July 8, 2017 to September 20, 2017. While Cathay has obtained all required U.S. regulatory approvals, the Acquisition remains subject to SinoPac obtaining approval by the Financial Supervisory Commission (“FSC”) in Taiwan. Cathay is not able to provide any assurance regarding the timing or receipt of FSC approval.
About CATHAY GENERAL BANCORP (NASDAQ:CATY)
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp. It also owns the common stock of over five statutory business trusts created for issuing capital securities. The Bank primarily services individuals, professionals and small to medium-sized businesses in the local markets and provides commercial mortgage loans, commercial loans, small business administration (SBA) loans, residential mortgage loans, real estate construction loans, home equity lines of credit and installment loans to individuals for automobile, household and other consumer expenditures. The Bank offers passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.