Cathay General Bancorp Prices $70.4 Million Public Offering of Common Stock
October 13 2009 - 9:00PM
PR Newswire (US)
LOS ANGELES, Oct. 13 /PRNewswire-FirstCall/ -- Cathay General
Bancorp (the "Company") (NASDAQ:CATY), the holding company for
Cathay Bank, today announced that it priced an offering of
7,614,571 shares of its common stock at an initial price to the
public of $9.25 per share, or $70.4 million in aggregate gross
proceeds. The closing is expected to occur on or about October 19,
2009. The Company has granted the underwriter a 30-day option to
purchase up to an additional 1,142,185 shares of its common stock
to cover over-allotments, if any. BofA Merrill Lynch is acting as
sole bookrunner for the offering. The Company expects to use the
net proceeds of the offering for general corporate purposes and,
subject to regulatory requirements, may use some or all of the net
proceeds of the offering for acquisitions. The offering will be
made pursuant to a prospectus supplement to the Company's
prospectus dated September 3, 2009, filed as part of the Company's
effective registration statement relating to these securities. This
press release is neither an offer to sell, nor a solicitation of an
offer to buy, any securities of the Company, and there shall not be
any sale of securities of the Company in any state or jurisdiction
in which such an offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of
such jurisdiction. When available, copies of the prospectus
supplement and the accompanying prospectus relating to these
securities may be obtained by contacting BofA Merrill Lynch,
Attention: Prospectus Department, 4 World Financial Center, New
York, NY 10080. ABOUT CATHAY GENERAL BANCORP Cathay General Bancorp
is the holding company for Cathay Bank, a California
state-chartered bank. Founded in 1962, Cathay Bank offers a wide
range of financial services. Cathay Bank currently operates 31
branches in California, eight branches in New York State, one in
Massachusetts, two in Texas, three in Washington State, three in
the Chicago, Illinois area, one in New Jersey, one in Hong Kong,
and a representative office in Shanghai and in Taipei.
FORWARD-LOOKING STATEMENTS AND OTHER NOTICES The information
contained in this press release is not intended as a solicitation
to buy Cathay General Bancorp stock or any other securities and is
provided for information only. Statements made in this press
release, other than statements of historical fact, are
forward-looking statements within the meaning of the applicable
provisions of the Private Securities Litigation Reform Act of 1995
regarding management's beliefs, projections, and assumptions
concerning future results and events. These forward-looking
statements may include, but are not limited to, such words as
"aims," "anticipates," "believes," "could," "estimates," "expects,"
"hopes," "intends," "may," "plans," "projects," "seeks," "shall,"
"should," "will," "predicts," "potential," "continue," and
variations of these words and similar expressions. Forward-looking
statements are based on estimates, beliefs, projections, and
assumptions and are not guarantees of future performance. These
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from the Company's historical experience and the Company's present
expectations or projections. Such risks and uncertainties and other
factors include, but are not limited to, adverse developments or
conditions related to or arising from: significant volatility and
deterioration in the credit and financial markets; adverse changes
in general economic conditions; the effects of the Emergency
Economic Stabilization Act, the American Recovery and Reinvestment
Act, and the Troubled Asset Relief Program (TARP) and any changes
or amendments thereto; deterioration in asset or credit quality;
the availability of capital; the impact of any goodwill impairment
that may be determined; acquisitions of other banks, if any;
fluctuations in interest rates; the soundness of other financial
institutions; expansion into new market areas; earthquakes,
wildfires, or other natural disasters; competitive pressures;
changes in laws, regulations, and accounting rules, or their
interpretations; legislative, judicial, or regulatory actions and
developments against the Company; and general economic or business
conditions in California and other regions where Cathay Bank has
operations, including, but not limited to, adverse changes in
economic conditions resulting from the continuation or worsening of
the current economic downturn. These risks and uncertainties and
other factors are further described in the Company's Current Report
on Form 8-K filed on October 13, 2009, the Company's other reports
filed with the SEC, and other filings the Company makes with the
SEC from time to time, including the prospectus related to the
offering described above. Actual results in any future period may
also vary from the past results discussed in this press release.
Given these risks and uncertainties, readers are cautioned not to
place undue reliance on any forward-looking statements, which speak
to the date of this press release. Cathay General Bancorp has no
intention and undertakes no obligation to update any
forward-looking statement or to publicly announce any revision of
any forward-looking statement to reflect future developments or
events, except as required by law. Cathay General Bancorp's filings
with the SEC are available at the website maintained by the SEC at
http://www.sec.gov/, or by request directed to Cathay General
Bancorp, 9650 Flair Drive, El Monte, California 91731, Attention:
Investor Relations (626) 279-3286. DATASOURCE: Cathay General
Bancorp CONTACT: Heng W. Chen of Cathay General Bancorp,
+1-626-279-3652 Web Site: http://www.cathaybank.com/
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