EAST WEST BANCORP, INC. (NASDAQ:EWBC) Files An 8-K Other EventsItem 8.01 Other Events
EAST WEST BANCORP, INC. (NASDAQ:EWBC) Files An 8-K Other Events
On March 22, 2017 (the “Closing Date”), East West Bancorp, Inc. (the “Company”), through its wholly-owned subsidiary East West Bank (“EWB”), consummated a sale and leaseback transaction with GC 555 Montgomery, LLC, a Delaware limited liability company (“Buyer”), to an Agreement of Purchase and Sale and Joint Escrow Instructions (the “Agreement”) entered into on March 1, 2017. Under the terms of the Agreement, EWB sold the property located at 555 Montgomery Street, San Francisco, California (the “Property”) to Buyer for $120.6 million.
On the Closing Date, EWB also entered into a leaseback with Buyer for portions of the Property consisting of office premises on the third, ninth and tenth floors of the building and retail premises including ground floor premises, storage space and basement premises.
As of the Closing Date, the net book value for the building was approximately $31.6 million. Part of the gain on sale of the building will be deferred, due to the leaseback of part of the premises. As such, the Company estimates a pre-tax gain at Closing Date of $71.7 million.
There are no other material relationships between Buyer and the registrant or any of its affiliates, or any director or officer of the registrant, or any associate of any such director or officer.
About EAST WEST BANCORP, INC. (NASDAQ:EWBC)
East West Bancorp, Inc. (East West) is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank operates through three segments: Retail Banking, Commercial Banking and Other. The Retail Banking segment focuses primarily on retail operations through the Bank’s branch network. The Commercial Banking segment primarily generates commercial and industrial loans (C&I) and commercial real estate (CRE) loans through the domestic commercial lending offices located in California, New York, Texas, Washington, Massachusetts, Nevada and Georgia, and through the foreign commercial lending offices located in China and Hong Kong. Furthermore, the Commercial Banking segment also offers international finance and trade services and products. The remaining centralized functions, including the treasury operations of the Company are included in the Other segment. EAST WEST BANCORP, INC. (NASDAQ:EWBC) Recent Trading Information
EAST WEST BANCORP, INC. (NASDAQ:EWBC) closed its last trading session up +1.75 at 52.51 with 838,026 shares trading hands.
East West Bancorp, Inc. (East West) is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank operates through three segments: Retail Banking, Commercial Banking and Other. The Retail Banking segment focuses primarily on retail operations through the Bank’s branch network. The Commercial Banking segment primarily generates commercial and industrial loans (C&I) and commercial real estate (CRE) loans through the domestic commercial lending offices located in California, New York, Texas, Washington, Massachusetts, Nevada and Georgia, and through the foreign commercial lending offices located in China and Hong Kong. Furthermore, the Commercial Banking segment also offers international finance and trade services and products. The remaining centralized functions, including the treasury operations of the Company are included in the Other segment. EAST WEST BANCORP, INC. (NASDAQ:EWBC) Recent Trading Information
EAST WEST BANCORP, INC. (NASDAQ:EWBC) closed its last trading session up +1.75 at 52.51 with 838,026 shares trading hands.