Cathay General Bancorp Announces Public Offering of Common Stock
February 01 2010 - 3:02PM
PR Newswire (US)
LOS ANGELES, Feb. 1 /PRNewswire-FirstCall/ -- Cathay General
Bancorp (the "Company", Nasdaq: CATY), the holding company for
Cathay Bank, today announced that it has commenced an underwritten
public offering (the "Offering") for gross proceeds up to $100
million in shares of its common stock. The Company has granted the
underwriters a 30-day option to purchase up to an additional $15
million in shares of its common stock to cover over-allotments, if
any. BofA Merrill Lynch is acting as sole bookrunner and Goldman,
Sachs & Co. is acting as co-manager for the offering. The
Offering will be made pursuant to a prospectus supplement to the
Company's prospectus dated November 19, 2009, filed as part of the
Company's effective registration statement. When available, copies
of the preliminary prospectus supplement and the accompanying
prospectus relating to these securities may be obtained by
contacting BofA Merrill Lynch, Attention: Preliminary Prospectus
Department, 4 World Financial Center, New York, NY 10080, or email
. 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. 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, including statements relating to Cathay General
Bancorp's expectations regarding the completion and size of the
proposed public offering, may include, but are not limited to
including, such words as "will," "up to" 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 our historical experience
and our present expectations or projections. There can be no
assurance that Cathay General Bancorp will be able to complete the
public offering on the anticipated terms, or at all, as a result of
these risks and uncertainties and other factors, which 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 and disruption in
general economic conditions and the capital markets; the effects of
the Emergency Economic Stabilization Act, difficult conditions in
the U.S. and international financial markets; volatility or
deterioration in the price of our common stock; the American
Recovery and Reinvestment Act, and the Troubled Asset Relief
Program (TARP) and any changes or amendments thereto; credit loss
and 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; liquidity risk; inflation and deflation; real
estate market conditions; the soundness of other financial
institutions; expansion into new market areas; earthquakes,
wildfires, or other natural disasters; our ability to compete with
competitors and competitive pressures; our ability to retain key
personnel; current and potential future supervisory action by bank
supervisory authorities; changes in laws, regulations, and
accounting rules, or their interpretations; legislative, judicial,
or regulatory actions and developments against us; 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; and the satisfaction of customary
closing conditions related to the public offering. These and other
factors are further described in Cathay General Bancorp's Current
Report on Form 8-K filed on November 23, 2009 (Item 8.01 in
particular), other reports filed with the Securities and Exchange
Commission ("SEC"), and other filings Cathay General Bancorp makes
with the SEC from time to time; including the prospectus supplement
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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