(RTTNews) -  Friday, East West Bancorp, Inc. (EWBC: News ), parent company of East West Bank, announced that it has acquired the banking operations of San Francisco, California-based United Commercial Bank or UCB in a Federal Deposit Insurance Corporation or FDIC assisted transaction.

Under the terms of the transaction, East West will receive $10.4 billion in assets, including $7.7 billion in loans, and assume $9.2 billion in liabilities, including $6.5 billion in deposits of UCB. The FDIC and East West have entered into a loss sharing agreement covering substantially all acquired loans.
East West also announced the completion of a $500 million capital raise through the private placement of 18.2 million shares of common stock, priced at $9.04 per share, equivalent to $165 million and the issuance of 335,047 shares of Mandatory Convertible Cumulative Non-Voting Perpetual Preferred Stock, Series C totaling $335 million.

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by RTT Staff Writer

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