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Article Excerpt
SAN FRANCISCO -- UCBH Holdings, Inc. (Nasdaq:UCBH), the holding company of United Commercial Bank (UCB(TM)), announced that it has received regulatory approval from both the Federal Deposit Insurance Corporation and from the California Department of Financial Institutions for the merger of Great Eastern Bank into UCB, with UCB as the surviving bank. As a result of these regulatory approvals, the Company believes it can promptly close this proposed transaction following receipt of the necessary approvals from Great Eastern Bank shareholders.
As previously announced on October 13, 2005, UCBH signed a definitive agreement to acquire Great Eastern Bank. Great Eastern Bank, a privately-held commercial bank, operates five strategically located full-service branches throughout Flushing, Brooklyn Chinatown, Manhattan Chinatown, and Manhattan Midtown. Following the completion of a comprehensive due diligence, UCBH entered into a definitive agreement with Great Eastern Bank and the Great Eastern Board has reaffirmed its...
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