UCBH Holdings to Buy Rest of Bank of Canton
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UCBH Holdings Inc. agreed to buy the rest of closely held Bank of Canton of California for $169 million in cash to expand its business with Chinese customers in San Francisco and Los Angeles.
UCBH Holdings, parent of United Commercial Bank and California’s largest bank serving customers of Chinese descent, said last month that it planned to buy 25% of Bank of Canton for 1.3 million shares, valued then at about $48 million.
The two companies had said they were in talks for the remaining 75% of the bank.
Acquiring the entire bank would increase United Commercial Bank’s assets by 42% to $4.4 billion from $3.1 billion as of March 31.
UCBH shares rose 6 cents to $38.94 on Nasdaq.
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