The San Francisco-based UCBH Holdings Inc., the holding company for commercial banker United Commercial Bank, said January 11 it will buy the privately held Chinese American Bank of New York in a stock and cash deal valued at about $130.7 million.
The Chinese American Bank operates two full-service branches in Manhattan's Chinatown and in Flushing, Queens. The bank had $321.6 million in assets, $271.7 million in deposits and $45.9 million in equity as of Sept. 30. The book value of its real estate is approximately $10.2 million.(Source: AP, Jan 11, 2007)