News
United Commercial Bank Fails; Sold To East West Bancorp
11-07-2009 02:12 AM PST
| By ###Sharon Dale/Steven Behm/rm LAX) OC) IE)
(Los Angeles, CA) -- Another major California bank has been shut down. San Francisco-based United Commercial Bank was closed by regulators Friday night and immediately sold to Pasadena-based East West Bancorp. The "Los Angeles Times" reports that creates by far the largest U.S. bank focused on the Chinese American market. It'll also be the largest bank based in Southern California, surpassing City National Bancorp. The bank's 17 Southern California branches will reopen Saturday as East West Bank branches. United Commercial was the fourth largest bank to fail this year.
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