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Article Excerpt
Two Chinese American banks in California are locked in a bidding war to buy a small financial institution in New York, part of a scramble to increase market share and buy up small banks with niches in growing Chinese communities.
While Great Eastern Bank has only $310 million in assets, it provides an expansion into New York's ethnic Chinese banking market for either Cathay General Bancorp, the Los Angeles-based holding company for Cathay Bank, and UCBH Holdings Inc., the San Francisco-based parent of United Commercial Bank. Great Eastern has five branches, two in Manhattan, two in Flushing, Queens, and one in Brooklyn.
"Both of these banks really want to bulk up their presence in New York and they're willing to pay a big price," said Scott Carmel, an analyst at Moors and Cabot Inc. in Boston....
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