Cathay General Bancorp Announces Stock Split
20 August 2004 - 11:00PM
PR Newswire (US)
Cathay General Bancorp Announces Stock Split LOS ANGELES, Aug. 20
/PRNewswire-FirstCall/ -- Cathay General Bancorp (NASDAQ:CATY), the
one-bank holding company for Cathay Bank, announced today that the
company's Board of Directors approved a two-for-one split of the
company's common stock, in the form of a 100% stock dividend,
payable September 28, 2004, to stockholders of record on September
13, 2004. Stockholders will receive one additional share for every
one share of Cathay General Bancorp common stock held on the record
date. Dunson K. Cheng, Chairman of the Board, President, and Chief
Executive Officer of Cathay General Bancorp said, "We are splitting
our company's common stock to help make it more accessible to a
wider range of investors and to help improve its liquidity." ABOUT
CATHAY GENERAL BANCORP Cathay General Bancorp is the one-bank
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 32 branches in California,
three branches in New York State, two branches in Massachusetts,
one in Houston, Texas, one in Washington State, and representative
offices in Hong Kong and Shanghai, China. In addition, the Bank's
subsidiaries, Cathay Investment Company and GBC Investment &
Consulting Company, Inc., both maintain an office in Taipei. As
part of its post-merger integration plans to efficiently serve its
customers, Cathay Bank intends to close four additional branches in
Southern California in October 2004 and to consolidate their
operations with nearby branches. 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: the Company's ability to integrate its
operations after its recent merger with GBC Bancorp and realize the
benefits of that merger, demographic changes, fluctuations in
interest rates, inflation, competition, war and terrorism, general
economic or business conditions in California and other regions
where Cathay Bank has operations, such as the impact of the
California budget deficit, changes in business strategy, including
the formation of a real estate investment trust (REIT) and the
deregistration of its registered investment company (RIC), and
legislative and regulatory developments, particularly the potential
effects of recently enacted California tax legislation and the
subsequent Franchise Tax Board announcement on December 31, 2003,
regarding the taxation of REITs and RICs. These and other factors
are further described in Cathay General Bancorp's Annual Report on
Form 10-K for the year ended December 31, 2003, its reports and
registration statements filed (including those filed by GBC Bancorp
prior to the merger) 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: Monica Chen of Cathay General
Bancorp, +1-213-625-4749 Web site: http://www.cathaybank.com/
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