The Federal Reserve has given the go-ahead to the acquisition of California-based SinoPac Bancorp by local lender Cathay General Bancorp and their subsequent merger.
Cathay General will also indirectly acquire SinoPac subsidiary Far East National Bank as part of the deal.
Go deeper with GlobalData
Cathay controls Cathay Bank that operates in California, Illinois, Nevada, New York, New Jersey, Maryland, Massachusetts, Texas, Washington, Hong Kong, Shanghai, and Taipei. SinoPac controlled-Far East Bank operates in California.
The deal, announced in July 2016, is valued at $340m. The merger of the two entities will lead to the creation of an entity with about $16bn in assets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
