For the bank with the same name in the Philippines, see EastWest Bank. For the bank based in Luxembourg, see East-West United Bank. For the Israeli-occupied territory along the Jordan River, see Area C (West Bank).
East West Bank is an American bank that is the primary subsidiary of East West Bancorp, Inc. It is the largest publicly traded bank headquartered in Southern California.[6] The company has been ranked the #1 performing U.S. bank with more than $10 billion in assets by S&P Global Market Intelligence, and the top performing bank in its asset size (in excess of $50 billion) by Bank Director.[7][8][9]
East West was founded in 1973 in Los Angeles to serve the Chinese American community. As of 2024, the company is involved in commercial banking, residential lending, private equity, media, entertainment, infrastructure, healthcare, clean energy, technology, manufacturing, commercial real estate, and other sectors.[10][11]
History
In 1973, East West Federal Bank was founded as a federal savings and loan association, focused on serving the Chinese American community in Southern California.[12]
In 1992, Dominic Ng was named CEO of the company. East West became a state-chartered commercial bank on July 31, 1995.[16] In 1999, the company acquired First Central Bank for $13.5 million in cash.[17]
In 2004, East West acquired Trust Bank, a Chinese American bank based in Monterey Park, California, with four branches and $235 million in assets, for $32.9 million.[18] In 2005, the company acquired United National Bank, a commercial bank headquartered in San Marino, California, with 11 branches and $665 million in loans receivable, for $177.9 million.[19][20] In 2006, the company acquired Standard Bank, a Chinese-American bank headquartered in Monterey Park, California, with 6 branches and $923 million in assets, for $200 million.[21][22]
In 2007, the company acquired Desert Community Bank, a community bank operating in the Victor Valley region of California. Desert Community Bank branches remained branded as such and did not change to East West.[23] In November 2017, East West agreed to sell Desert Community Bank to Flagstar Bank; the deal was completed in March 2018.[24]
In 2010, the company acquired the assets, including four branches, of Washington First International Bank of Seattle, Washington, via a transaction facilitated by the Federal Deposit Insurance Corporation.[28][29][30][31] In 2014, East West acquired MetroCorp Bancshares, which operated as MetroBank, for $268 million in cash and stock.[32][33][34]
In 2023, the company was named the top public bank in the United States with more than $10 billion in assets by S&P Global Market Intelligence.[35] That same year, East West celebrated its 50th anniversary and became the largest state-chartered bank in California, surpassing $68 billion in assets.[36][37]
In 2023 and 2024, East West earned recognition as the top performing bank in the $50 billion and above asset size category by Bank Director.[38][39] As of May 2024, East West has more than $70 billion in assets and over 100 locations in the U.S. and Asia.[40] In September 2024, the company marked its 25th anniversary on the Nasdaq stock exchange, with CEO Dominic Ng ringing the opening bell.[41]
In 2023, the company signed professional golfer Rose Zhang to a sponsorship deal.[45]
In 2024, the Los Angeles County Museum of Art (LACMA) announced a new multi-year partnership with East West, which supports exhibitions and educational programs at the museum.[46] East West has also helped LACMA expand its collection.[47]
