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.
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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.
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