EAST WEST BANCORP, INC. (NASDAQ:EWBC) Files An 8-K Other EventsItem 8.01 Other Events
Dominic Ng, Chairman of the Board of Directors and Chief Executive Officer of East West Bancorp, Inc. (the “Company”) and East West Bank, adopted a stock trading plan (the “10b5-1 Plan”). The 10b5-1 Plan has been adopted to the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
Under the 10b5-1 Plan, a broker-dealer is authorized to sell up to 138,500 shares of the Company’s common stock held by Mr. Ng, which may include shares acquired through Mr. Ng’s participation in one or more of the Company’s equity compensation plans. Shares may be sold under the 10b5-1 Plan on the open market at prevailing market prices and subject to minimum price thresholds specified in the 10b5-1 Plan. The 10b5-1 Plan starts on April 30, 2018 and terminates on July 6, 2018.
The purpose of the 10b5-1 Plan is to provide liquidity and investment diversification. In accordance with the 10b5-1 rules, Mr. Ng will have no discretion over the sales of his shares of common stock under the 10b5-1 Plan. Any transactions under the 10b5-1 Plan will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission when due.
Except as may be required by law, the Company does not undertake to report Rule 10b5-1 plans that may be adopted by any officers or directors in the future, or to report any modifications or termination of any publicly announced trading plan.
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.