East West Completes MetroCorp AcquisitionMonday, January 20, 2014
East West Bancorp Inc. said it had completed its acquisition of MetroCorp Bancshares Inc. in a deal that deal increases its presence in Houston and gives it its first branches in Dallas and San Diego.
The Pasadena parent of East West Bank said over the weekend that shareholders of Houston-based MetroCorp would receive two thirds of the $268 million purchase price in East West Bancorp stock and one third in cash.
MetroCorp operates 18 branches under two subsidiary banks: MetroBank, which has 12 branches in Houston and Dallas, and Metro United Bank, which operates six branches in Los Angeles, San Francisco and San Diego. As of Dec. 31, MetroCorp had total assets of $1.62 billion.