Today, East West Bancorp and MetroCorp Bancshares Inc. had announced entering into a definitive merger agreement. East West Bancorp is the parent of financial lender East West Bank. Meanwhile, MetroCorp is the parent firm for MetroBank NA and Metro United Bank. The definitive agreement was for the merger of MetroCorp into East West.
MetroCorp currently operates 18 branches under its two subsidiary banks. The said banks included MetroBank and Metro United Bank. MetroBank operates 12 branches in locations including Dallas and Houston. Meanwhile, Metro United Bank operates 6 branches in Los Angeles, San Diego and San Francisco. As of June 30, 2013, MetroCorp reported total assets of USD1.6 billion, total deposits of USd1.3 billion and total loans valued USD1.2 billion.
Chairman and Chief Executive Officer of East West Dominic Ng said, "This is a strategic merger that will significantly increase East West's presence in Houston and allow entry into the Dallas market. Additionally, the merger further strengthens East West's branch network in California and expands our footprint to San Diego. MetroBank and Metro United Bank are both community banks with an attractive base of core retail and commercial customers and strong branch networks. We are excited to be able to provide these customers with access to East West's wider product and service capabilities and larger branch network."
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