EAST WEST BANCORP, INC. (NASDAQ:EWBC) Files An 8-K Other EventsItem 8.01. Other Events
On November 11, 2017, East West Bank, a wholly-owned subsidiary of East West Bancorp, Inc. (the “Company”), entered into a Purchase and Assumption Agreement to sell all of its Desert Community Bank (“DCB”) branches located in the High Desert area of California, and related assets and liabilities to Flagstar Bank, a wholly-owned subsidiary of Flagstar Bancorp, Inc. The Purchase and Assumption Agreement includes all eight DCB branches, with approximately $70 million in loans and $600 million in deposits associated with the branches. Following the sale, DCB will retain its name and continue to operate as Desert Community Bank, a division of Flagstar Bank. The transaction, which is subject to regulatory approval and satisfaction of customary closing conditions, is expected to be completed in the first half of 2018.
On November 13, 2017, the Company issued a press release announcing the transaction, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
Exhibit 99.1 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, unless otherwise expressly stated in such filing.
EAST WEST BANCORP INC ExhibitEX-99.1 2 exhibit991_111317.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 East West Bancorp,…To view the full exhibit click
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.