East West Bank

Last updated
East West Bancorp, Inc.
Company type Subsidiary
Industry
FoundedJanuary 2, 1973;52 years ago (1973-01-02) in Los Angeles, California
Headquarters Pasadena, California
Number of locations
More than 100 locations [1]  (2023)
Area served
California, New York, Texas, Washington, Nevada, Massachusetts, Georgia
Key people
 Dominic Ng (chairman and CEO)
Christopher J. Del Moral-Niles, CFA (EVP and CFO)
Irene H. Oh (EVP and CRO)
Lisa Kim (General Counsel)
RevenueIncrease2.svg US$2.607 billion [2]  (2023)
Increase2.svg US$1.161 billion [2]  (2023)
Total assets Increase2.svg US$70 billion [2]  (2023)
Total equity Increase2.svg US$6.951 billion [2]  (2023)
Number of employees
More than 3,000 [3]  (2023)
Parent East West Bancorp
Capital ratio 13% (CET1; 2023) [4]
RatingFitch: BBB (long-term); A2/F2 (short-term) [5]
Website www.eastwestbank.com OOjs UI icon edit-ltr-progressive.svg

East West Bank is an American bank that is the primary subsidiary of East West Bancorp, Inc. It is the largest publicly traded bank headquartered in Southern California. [6] The company has been ranked the #1 performing U.S. bank with more than $10 billion in assets by S&P Global Market Intelligence, and the top performing bank in its asset size (in excess of $50 billion) by Bank Director. [7] [8] [9]

Contents

East West was founded in 1973 in Los Angeles to serve the Chinese American community. As of 2024, the company is involved in commercial banking, residential lending, private equity, media, entertainment, infrastructure, healthcare, clean energy, technology, manufacturing, commercial real estate, and other sectors. [10] [11]

History

In 1973, East West Federal Bank was founded as a federal savings and loan association, focused on serving the Chinese American community in Southern California. [12]

In 1991, during the savings and loan crisis, the company acquired Pacific Coast Savings, [13] [14] [15] which increased the bank's assets from $600 million to $1 billion and expanded operations to San Francisco, California.

In 1992, Dominic Ng was named CEO of the company. East West became a state-chartered commercial bank on July 31, 1995. [16] In 1999, the company acquired First Central Bank for $13.5 million in cash. [17]

In 2004, East West acquired Trust Bank, a Chinese American bank based in Monterey Park, California, with four branches and $235 million in assets, for $32.9 million. [18] In 2005, the company acquired United National Bank, a commercial bank headquartered in San Marino, California, with 11 branches and $665 million in loans receivable, for $177.9 million. [19] [20] In 2006, the company acquired Standard Bank, a Chinese-American bank headquartered in Monterey Park, California, with 6 branches and $923 million in assets, for $200 million. [21] [22]

In 2007, the company acquired Desert Community Bank, a community bank operating in the Victor Valley region of California. Desert Community Bank branches remained branded as such and did not change to East West. [23] In November 2017, East West agreed to sell Desert Community Bank to Flagstar Bank; the deal was completed in March 2018. [24]

In 2009, East West acquired the assets of San Francisco-based United Commercial Bank (UCB), via a transaction facilitated by the Federal Deposit Insurance Corporation. This expanded East West’s reach by 63 branches, including 17 in Southern California, and branches in Houston, Boston, and Atlanta, as well as branches in Hong Kong and China. [25] [26] [27]

In 2010, the company acquired the assets, including four branches, of Washington First International Bank of Seattle, Washington, via a transaction facilitated by the Federal Deposit Insurance Corporation. [28] [29] [30] [31] In 2014, East West acquired MetroCorp Bancshares, which operated as MetroBank, for $268 million in cash and stock. [32] [33] [34]

In 2023, the company was named the top public bank in the United States with more than $10 billion in assets by S&P Global Market Intelligence. [35] That same year, East West celebrated its 50th anniversary and became the largest state-chartered bank in California, surpassing $68 billion in assets. [36] [37]

In 2023 and 2024, East West earned recognition as the top performing bank in the $50 billion and above asset size category by Bank Director. [38] [39] As of May 2024, East West has more than $70 billion in assets and over 100 locations in the U.S. and Asia. [40] In September 2024, the company marked its 25th anniversary on the Nasdaq stock exchange, with CEO Dominic Ng ringing the opening bell. [41]

East West is also known for helping finance major films and television shows, including Everything Everywhere All at Once , Yellowstone, and Orange is the New Black. [42]

Sponsorships

In 2005, East West signed figure skater Michelle Kwan to be a spokesperson and purchased the naming rights to East West Ice Palace, an ice rink arena in Artesia, California. [43] [44]

In 2023, the company signed professional golfer Rose Zhang to a sponsorship deal. [45]

In 2024, the Los Angeles County Museum of Art (LACMA) announced a new multi-year partnership with East West, which supports exhibitions and educational programs at the museum. [46] East West has also helped LACMA expand its collection. [47]

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References

  1. ↑ Min, Sarah (2024-05-31). "How East West Bancorp has gained an edge by serving the Asian American community". CNBC. Retrieved 2024-07-04.
  2. 1 2 3 4 "Check out East West Bancorp's stock price (EWBC) in real time". CNBC.
  3. ↑ Kamisher, Eliyahu; Bloomberg, Max Reyes (August 23, 2023). "With 'everybody else' dead or gone, a Pasadena bank grows". Los Angeles Times.
  4. ↑ Min, Sarah (May 31, 2024). "How East West Bancorp has gained an edge by serving the Asian American community". CNBC.
  5. ↑ "Fitch Ratings" . Retrieved 2024-06-07.
  6. ↑ Villaluz, Gaby (June 6, 2023). "Largest 50 US banks by total assets, Q1 2023" . Retrieved June 7, 2024.
  7. ↑ "East West Bancorp leads US public banks in 2022 financial performance ranking". S&P Global Market Intelligence. Retrieved 2024-11-15.
  8. ↑ "How Investors View the Best Banks". Bank Director. Retrieved 2024-11-15.
  9. ↑ "East West Bank Marks 25th Anniversary on Nasdaq Stock Exchange – Pasadena Now". pasadenanow.com. Retrieved 2024-11-15.
  10. ↑ "East West Bank Marks 25th Anniversary on Nasdaq Stock Exchange – Pasadena Now". pasadenanow.com. Retrieved 2024-11-15.
  11. ↑ Min, Sarah (2024-05-31). "How East West Bancorp has gained an edge by serving the Asian American community". CNBC. Retrieved 2024-11-15.
  12. ↑ Min, Sarah (2024-05-31). "How East West Bancorp has gained an edge by serving the Asian American community". CNBC. Retrieved 2025-01-08.
  13. ↑ "THRIFT SEIZED. Federal regulators have seized the..." Orlando Sentinel . 19 March 1990. Retrieved 12 April 2023.
  14. ↑ "Past haunts founder of new thrift". San Francisco Business Times. 2000-04-03. Archived from the original on 17 September 2000. Retrieved 12 April 2023.
  15. ↑ "A new savings and loan company opened for business... - UPI Archives". UPI.com . 23 July 1981. Retrieved 12 April 2023.
  16. ↑ CLOUGH, RICHARD (2010-07-04). "CEO Puts East West's Name on Map". Los Angeles Business Journal. Retrieved 2024-05-14.
  17. ↑ Reckard, E. Scott (2003-01-07). "East West to Acquire Pacific Business Bank". Los Angeles Times. Retrieved 2024-05-14.
  18. ↑ "East West completes Trust Bank purchase". www.bizjournals.com. Retrieved 2024-05-14.
  19. ↑ Chen, Liyan (January 19, 2016). "Meet The Chinese American Bank That Wants To Become Wells Fargo". Forbes Magazine .
  20. ↑ "East West Bancorp buying United National Bank". www.bizjournals.com. Retrieved 2024-05-14.
  21. ↑ Archives, L. A. Times (2005-12-30). "East West Bank to Buy Rival Standard". Los Angeles Times. Retrieved 2024-05-14.
  22. ↑ "East West to Buy Standard Bank". Los Angeles Business Journal. 2005-12-27. Retrieved 2024-05-14.
  23. ↑ Reckard, E. Scott (2007-04-25). "East West to acquire Desert bank". Los Angeles Times. Retrieved 2024-05-14.
  24. ↑ "Flagstar Bank to acquire Desert Community Bank branches from East West Bank". November 13, 2017.
  25. ↑ Reckard, E. Scott (November 7, 2009). "United Commercial Bank is shut down, sold to East West Bancorp". Los Angeles Times .
  26. ↑ Anderson, Mark (November 9, 2009). "United Commercial branches bought by East West Bank". American City Business Journals.
  27. ↑ "FDIC: Failed Bank Information - Bank Closing Information for United Commercial Bank, San Francisco, CA". www.fdic.gov. Retrieved 2024-06-08.
  28. ↑ Grygiel, Chris (June 11, 2010). "Bad loans force closure of Seattle-based bank". Seattle Post-Intelligencer.
  29. ↑ "FDIC: Failed Bank Information for Washington First International Bank, Seattle, WA". www.fdic.gov. Retrieved 2024-06-08.
  30. ↑ DeSilver, Drew (June 11, 2010). "Regulators close Washington First International Bank". The Seattle Times.
  31. ↑ Grind, Kirsten (June 11, 2010). "Washington First bank closed, sold to California firm". American City Business Journals.
  32. ↑ "East West completes buy of MetroCorp Bancshares". Pasadena Star News. 2014-01-21. Retrieved 2024-05-14.
  33. ↑ "East West Posts Higher Profits Following MetroCorp Acquisition". American Banker. 2014-07-17. Retrieved 2024-05-14.
  34. ↑ "East West to acquire MetroCorp for $273 million". Yahoo Finance. 2013-09-18. Retrieved 2024-05-14.
  35. ↑ Clark, Robert (March 28, 2023). "East West Bancorp leads US public banks in 2022 financial performance ranking". S&P Global Market Intelligence.
  36. ↑ "East West Bank's 50th Anniversary Celebration". BizBash. 2023-06-23. Retrieved 2025-01-16.
  37. ↑ "'Everybody Else Left or They Died:' California Bank Grows Simply by Surviving". Bloomberg. August 23, 2023.
  38. ↑ "2023 RankingBanking Report" (PDF).
  39. ↑ "2024 RankingBanking Report".
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  41. ↑ "East West Bank Marks 25th Anniversary on Nasdaq Stock Exchange – Pasadena Now". pasadenanow.com. Retrieved 2025-01-16.
  42. ↑ Kamisher, Eliyahu; Bloomberg, Max Reyes (2023-08-23). "With 'everybody else' dead or gone, a Pasadena bank grows". Los Angeles Times. Retrieved 2024-06-07.
  43. ↑ "Kwan to Speak for East West Bank". San Fernando Valley Business Journal. 2005-03-13. Retrieved 2024-05-14.
  44. ↑ ELLIOTT, HELENE (May 15, 2005). "Now Kwan Has a Rink of Her Own in Artesia". Los Angeles Times .
  45. ↑ "Pasadena-Based East-West Bank Sponsors Top-Ranked Golfer Rose Zhang As She Turns Pro – Pasadena Now". www.pasadenanow.com. Retrieved 2024-06-07.
  46. ↑ "In Conversation: Dominic Ng and Michael Govan". Unframed. 2024-07-17. Retrieved 2025-01-08.
  47. ↑ Pogrebin, Robin (2024-02-28). "Frieze Los Angeles Opens Amid Attention to Asian Artists". The New York Times. ISSN   0362-4331 . Retrieved 2025-01-16.
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