Cathay General Bancorp, the holding company for Cathay Bank, announced Monday that it has completed its merger with Asia Bancshares Inc. — a transaction valued at nearly $140 million.
As a result of the transaction completed Friday, Asia Bancshares Inc. has been merged into Cathay General Bancorp, and Asia Bank has been merged into Cathay Bank, a statement said.
The completion of the merger results in a combined financial institution with total assets of approximately $12.4 billion and deposits of approximately $9.8 billion, 57 branches operating in nine states, and a presence in three overseas locations, it said.
Under the terms of the merger, Cathay General Bancorp is issuing 2.58 million shares of its common stock and paying $57 million in cash for all of the issued and outstanding shares of Asia Bancshares stock, valuing the merger at approximately $139.9 million based on Cathay General Bancorp’s closing price on July 31, according to the statement.
—City News Service