Key Developments For East West Bancorp, Inc.
East West Bancorp, Inc. (EWBC.O) (Nasdaq)
East West Bancorp, Inc. Acquires United Commercial Bank; Updates FY 2009, 2010, 2011 Guidance-AP
The Associated Press reported that shares of East West Bancorp, Inc. shot upward after it acquired a San Francisco-based competitor. East West Bancorp acquired $10.4 billion in assets and $9.2 billion in liabilities from United Commercial Bank. The deal was arranged by the Federal Deposit Insurance Corp., which will share any losses on $7.7 billion worth of loans acquired. The Company adjusted fiscal 2009 estimate to a profit of $3.54 per share from a loss of $3.69 and the fiscal 2010 estimate was increased to a profit of $1 per share from a loss of $0.05 per share and the fiscal 2011 estimate to profit of $1.50 per share from a previous loss of $1.20.
East West Bancorp, Inc. Shares Raises On Q3 2009 Results-WSJ
The Wall Street Journal reported that shares of East West Bancorp, Inc. soared despite posting a third-quarter loss that was wider than the Street expected, as the Company said credit issues peaked in the third quarter.
East West Bancorp, Inc. Announces Q4 2009 Dividend
East West Bancorp, Inc. announced that its Board of Directors declared a quarterly dividend on its common stock and its Series A Preferred Stock. The dividend of $0.01 per share on its common stock is payable on or about November 24, 2009, to shareholders of record as of November 10, 2009. The dividend on the Series A Preferred Stock of $20.00 per share is payable on November 1, 2009, to shareholders of record on October 15, 2009.
East West Bancorp, Inc. Increased Common Equity By $249 Million On Completion Of Comprehensive Capital Plan
East West Bancorp, Inc. parent company of East West Bank announced it has increased common equity by $249 million on completion of its comprehensive capital plan. The Company concluded its previously announced sale of common stock, which raised $80.3 million through the issuance of 12,650,000 shares in a public offering last week. It has also raised $27.5 million in private placements of common stock, and increased common equity by $110.8 million from the exchanges of convertible preferred stock to common stock and $30.6 million from the desecuritization of private label MBS securitizations. Combined, these initiatives have increased common equity by $249 million.
East West Bancorp, Inc. Announces Pricing Of Common Stock Offering
East West Bancorp, Inc. announced the pricing of an underwritten public offering of 11 million shares of its common stock at a price of $6.35 per share, for net proceeds of approximately $66.4 million. Barclays Capital Inc. is acting as the sole underwriter of the public offering. The Company has granted the underwriter a 30-day option to purchase up to an additional 1,650,000 shares of the Company's common stock. The Company expects to close the sale of common stock, subject to customary conditions, on or about July 24, 2009. The net proceeds from the offering will be used for general corporate purposes, including to increase liquidity, to increase capital and to reduce borrowings.
