Cathay General Bancorp Completes Acquisition of United Heritage Bank and Trust Preferred Securities Offering
31 March 2007 - 9:30AM
PR Newswire (US)
LOS ANGELES, March 30 /PRNewswire-FirstCall/ -- Cathay General
Bancorp ("Cathay") (NASDAQ:CATY), the holding company for Cathay
Bank, announced today that it had completed the acquisition of
United Heritage Bank, which has been merged with and into Cathay
Bank. United Heritage Bank was founded in 1997 with one branch
located in Edison, New Jersey. On November 21, 2007, Cathay
announced that it had entered into an agreement to acquire United
Heritage Bank for $9.4 million in cash before adjustments, if any.
"With this acquisition, we continue to connect our customers in
more places as New Jersey becomes the seventh state to be served by
Cathay's branch network. It also allows Cathay Bank to expand to
other cities in New Jersey, where there are significant
opportunities to grow our franchise," said Mr. Dunson K. Cheng,
Chairman of the Board, President, and Chief Executive Officer of
Cathay. Separately, Cathay also announced today that it has
completed an offering of $45 million of trust preferred securities.
The trust preferred securities were issued by a newly established
subsidiary, Cathay Capital Trust III. These trust preferred
securities have a 30-year term and are redeemable in whole or in
part five years after their issuance. Cathay plans to use the net
proceeds from the offering for general corporate purposes. 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 thirty branches in California, nine
branches in New York State, three branches in Chicago, Illinois,
one branch in Massachusetts, one in Houston, Texas, two in
Washington State, one branch in New Jersey, a loan production
office in Dallas, Texas, and representative offices in Taipei, Hong
Kong, and Shanghai. Cathay Bank's website is found at
http://www.cathaybank.com/. FORWARD-LOOKING STATEMENTS AND OTHER
NOTICES 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. These forward-looking
statements may include, but are not limited to, such words as
"believes," "expects," "anticipates," "intends," "plans,"
"estimates," "may," "will," "should," "could," "predicts,"
"potential," "continue," or the negative of such terms and other
comparable terminology or similar expressions. Forward-looking
statements are not guarantees. They involve known and unknown
risks, uncertainties, and other factors that may cause the actual
results, performance, or achievements of Cathay General Bancorp to
be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties and other factors include,
but are not limited to, adverse developments or conditions related
to or arising from: expansion into new market areas; acquisitions
of other banks, if any; fluctuations in interest rates; demographic
changes; earthquake or other natural disasters; competitive
pressures; deterioration in asset or credit quality; changes in the
availability of capital; legislative and regulatory developments;
changes in business strategy; general economic or business
conditions in California and other regions where Cathay Bank has
operations. These and other factors are further described in Cathay
General Bancorp's Annual Report on Form 10-K for the year ended
December 31, 2006, its reports and registration statements filed
with the Securities and Exchange Commission ("SEC") and other
filings it makes in the future with the SEC from time to time.
Cathay General Bancorp has no intention and undertakes no
obligation to update any forward-looking statements or to publicly
announce the results of any revision of any forward-looking
statement to reflect future developments or events. Cathay General
Bancorp's filings with the SEC are available to the public from
commercial document retrieval services and at the website
maintained by the SEC at http://www.sec.gov/, or by request
directed to Cathay General Bancorp, 777 N. Broadway, Los Angeles,
CA 90012, Attention: Investor Relations (213) 625-4749. DATASOURCE:
Cathay General Bancorp CONTACT: Heng Chen of Cathay General
Bancorp, +1-213-625-4752 Web site: http://www.cathaybank.com/
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