NEW YORK CITY-San Francisco-based UCBH Holdings Inc., holding company of United Commercial Bank, has signed an agreement to acquire the Brooklyn Branch of Broadway National Bank. United Commercial says the move marks the beginning of its expansion into the New York market with retail locations serving the area’s large ethnic Chinese community.
UCBH will acquire the deposit portfolio of the branch, which totaled $12.8 million as of June 30, 2002, as well as the roughly 3,000-sf branch facility at 1801 Church Ave.
“The expansion of United Commercial Bank into New York has been a key business objective for the Company,” says Thomas S. Wu, chairman, president and chief executive officer of UCBH Holdings, Inc. “The ethnic Chinese population in the greater New York area is a vibrant and rapidly growing community, but we believe it is currently underserved. United Commercial Bank’s experience in meeting the needs of the ethnic Chinese community will play an important role in better serving this niche market. While California continues to provide UCBH with many long-term growth prospects, New York offers significant opportunities for the further expansion of our franchise.”
United Commercial Bank has 30 offices located in the San Francisco Bay Area, Sacramento, Stockton and Greater Los Angeles, as well as a representative office in Hong Kong.