Mergers & Acquisitions
May 28, 2003
Purchase Forms Huge Asian-American Bank
Two Los Angeles banks are combining to create the largest Asian-American bank in the United States. Cathay Bancorp Inc. plans to buy GBC Bancorp for $450 million in cash and stock. The combined company, to be called Cathay General Bancorp, will have 45 branches and $5.4 billion in assets. Both Cathay and GBC are listed on the Nasdaq stock market.
Cathay Bancorp Inc. plans to buy GBC Bancorp for $450 million in cash and stock. The combined company, to be called Cathay General Bancorp, will have 45 branches and $5.4 billion in assets....
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