United Commercial Bank Closed, Assets Move To East West Bank
- United Commercial Bank Closed, Assets & Accounts Move To East West Bank.
UCBH Holdings Inc.’s United Commercial Bank, a San Francisco-based lender was closed last day, by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
As of October 23, 2009, United Commercial Bank had 63 U.S. branches with total assets of $11.2 billion and total deposits of approximately $7.5 billion
One thing unique about United Commercial Bank is that it had branches in China, and consequently, the FDIC had to cooperate with the Chinese banking regulatory authority.
All deposit accounts, excluding certain brokered deposits, have been transferred to East West Bank, Pasadena, CA.
East West Bank not only assumed all deposits of United Commercial Bank, but it has agreed to continue to honor interest rates. The CD rates will remain the same through to maturity.
East West Chief Executive Officer Dominic Ng said in the statement, “The transaction strengthens our presence in key markets throughout the U.S. and Asia.”
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.4 billion. … United Commercial Bank is the 120th FDIC-insured institution to fail in the nation this year, and the 14th in California. The last FDIC-insured institution closed in the state was Pacific National Bank, San Francisco, which closed on October 30, 2009.
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