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Article: Cathay General Bancorp to Acquire Great Eastern Bank - Great Eastern Bank Terminates Transaction With UCBH Holdings.
- Article from:
- PR Newswire
- Article date:
- February 21, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES and NEW YORK, Feb. 21 /PRNewswire-FirstCall/ -- Cathay General Bancorp ("Cathay") , the holding company for Cathay Bank, and Great Eastern Bank ("Great Eastern") announced today that they have entered into an agreement for Cathay to acquire Great Eastern for $58.44 per share. Great Eastern has terminated its agreement with UCBH Holdings, Inc. dated October 13, 2005, and paid the break-up fee contemplated by that transaction.
"We are delighted to announce our agreement to acquire Great Eastern," said Mr. Dunson K. Cheng, Chairman of the Board, President, and Chief Executive Officer of Cathay. "This acquisition will more than double our loans and ...
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