East West Bancorp takes over United Commerical Bank

[Neo]

United Commerical Bank is Shutdown , sold to East West Bancorp
E Scott Reckard. Los Angeles Times Nov 7 2009
http://www.latimes.com/business/la-fi-bank-failure7-2009nov07,0,2745693.story?track=rss

summary:
San Francisco's United Commerical Bank was shutdown
on Friday night and immediately soled to Pasadena's
East West Bankcorp, creating the largest US Bank
focused on the Chinese American market. East West
will assume all of United Commercial's deposit so
no depositors will lose any money. United Commercial's
63 U.S. branches will reopen next Saturday as
branches of the East West Bank. United Commercial,
a unit of UCBH holdings, Inc, is the 120th bank
to fail in 2009 and now is the fourth largest bank
to fail this year. Last year, United Commercial Bank
recieved $299 Million in exchange for preferred
stock - which has now worthless after the bank
failure. United Commercial also has locations in
key Chinese American areas, including New York,
Boston, Seattle, Atlanta, Houston, and in China
(Shanghai, Hong Kong, and Shantou).