East West Bankcorp of Pasadena, CA, the largest Chinese American bank, is acquiring Texas-based MetroCorp Bancshares in a deal that will make East West a significant player in Texas, especially Houston and Dallas. East West acquires bank with 12 branches in Texas, 6 in California - latimes.com
The deal is expected to close early next year.
East West is primarily in California, where it has 103 branches. It also has six branches in New York, and four each in Georgia and Washington. Prior to this deal, it has only one branch in Texas, in Houston.
MetroCorp will bring 12 Texas branches, as well as six in California, to the deal, including one that will be East West's first foray into San Diego.
East West has $23.3 billion in assets, compared to MetroCorp's $1.6 billion.