Cathay General Bancorp Completes HSBC West Coast Acquisition
February 07 2022 - 3:30PM
Business Wire
Cathay General Bancorp (Nasdaq: CATY), announced today that its
subsidiary bank, Cathay Bank, has completed the purchase of HSBC
Bank USA, National Association’s (“HSBC”) West Coast mass retail
market consumer banking business and retail business banking
business. As a result of the acquisition, Cathay Bank will add 10
retail branches in California and additional loans and deposits
associated with HSBC’s West Coast mass retail market consumer and
retail business banking business.
“This acquisition complements and strengthens our existing
footprint. The combined client base will benefit from a broadened
suite of Cathay products and services and an extended branch
network in the West,” said Chang M. Liu, President and Chief
Executive Officer of Cathay Bank.
ABOUT CATHAY GENERAL BANCORP
Cathay General Bancorp is the holding company for Cathay Bank, a
California state-chartered bank. Cathay General Bancorp’s website
is found at www.cathaygeneralbancorp.com. Founded in 1962, Cathay
Bank offers a wide range of financial services. Cathay Bank
currently operates 47 branches in California, 10 branches in New
York State, four in Washington State, two in the Chicago, two in
Texas, one in Maryland, one in Massachusetts, one in Nevada, one in
New Jersey, one in Hong Kong, and a representative office in
Beijing, Shanghai and Taipei. Cathay Bank’s website is found at
www.cathaybank.com.
FORWARD-LOOKING STATEMENTS
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,” “can,” “continue,”
“could,” “estimates,” “expects,” “hopes,” “intends,” “may,”
“plans,” “projects,” “predicts,” “potential,” “possible,”
“optimistic,” “seeks,” “shall,” “should,” “will,” and variations of
these words and similar expressions. Forward-looking statements are
based on estimates, beliefs, projections, and assumptions of
management 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. Such risks and uncertainties and other factors
include, but are not limited to, Cathay General Bancorp’s ability
to realize anticipated cost savings, economies of scale and/or
revenue and business franchise enhancements from the transaction
within expected time frames or at all; higher than anticipated
transaction costs; deposit attrition, operating costs, client loss
and business disruption following the transaction, including
difficulties in maintaining relationships with employees and
clients, may be greater than expected; local, regional, national
and international economic and market conditions and events and the
impact they may have on clients, assets, and liabilities of Cathay
General Bancorp and HSBC; Cathay General Bancorp’s success at
managing the risks involved in the foregoing items and all other
factors set forth in Cathay General Bancorp’s filings with the
Securities and Exchange Commission including its Annual Report on
Form 10-K for the year ended December 31, 2020, and particularly
the discussion of risk factors within that document. Actual results
in any future period may also vary from any 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. Any
forward-looking statement speaks only as of the date on which it is
made, and, except as required by law, Cathay General Bancorp
undertakes no obligation to update or review any forward-looking
statement to reflect circumstances, developments or events
occurring after the date on which the statement is made or to
reflect the occurrence of unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20220207005828/en/
Heng W. Chen (626) 279-3652
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