East West Bank
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1973 |
| Headquarters | Los Angeles , United States |
Area served | United States, Asia |
Key people | Dominic Ng (CEO) |
| Products | Commercial banking, residential mortgages, private equity, media, entertainment, infrastructure, healthcare, clean energy, technology, manufacturing, commercial real estate |
| Parent | East West Bancorp |
East West Bank is a U.S.-based financial institution and serves as the main subsidiary of East West Bancorp. It holds the distinction of being the largest publicly traded bank headquartered in Southern California. According to S&P Global Market Intelligence, it ranks as the top-performing American bank managing assets over $10 billion, while Bank Director recognizes it as the leading bank among institutions with assets above $50 billion.
Established in 1973 in Los Angeles with a mission to serve the Chinese American population, East West Bank has since expanded its operations into multiple industries such as commercial banking, residential mortgages, private equity, media, entertainment, infrastructure, healthcare, clean energy, technology, manufacturing, and commercial real estate. This broad-based business approach underpins its robust financial results and significant market presence in vital U.S. regions.
History
Originating in 1973 as East West Federal Bank, the institution initially focused on catering to Southern California’s Chinese American community. Amid the 1991 savings and loan crisis, it acquired Pacific Coast Savings, which elevated its assets from $600 million to $1 billion and extended its reach into San Francisco.
Dominic Ng took on the CEO role in 1992 and guided the bank through its conversion to a state-chartered commercial bank by 1995. The bank pursued strategic growth via acquisitions: purchasing First Central Bank in 1999 for $13.5 million; Trust Bank in 2004 for $32.9 million; United National Bank in 2005 for $177.9 million; and Standard Bank in 2006 for $200 million. In 2007, it added Desert Community Bank to its portfolio but later sold this subsidiary to Flagstar Bank in 2018.
A major expansion occurred in 2009 when East West acquired United Commercial Bank’s assets, incorporating 63 branches including locations in Houston, Boston, Atlanta, Hong Kong, and China. The following year, it purchased Washington First International Bank’s assets. In 2014, the acquisition of MetroCorp Bancshares for $268 million further broadened its market presence.
By 2023, East West was acknowledged by S&P Global Market Intelligence as the premier U.S. public bank with assets exceeding $10 billion. Celebrating its 50th anniversary that year, it surpassed $68 billion in assets and became California’s largest state-chartered bank. It also received top performance accolades from Bank Director in both 2023 and 2024.
As of May 2024, East West reported assets exceeding $70 billion and operated over 100 branches across the United States and Asia. The company commemorated its 25th year on Nasdaq in September 2024 with CEO Dominic Ng participating in the opening bell ceremony.
East West has gained recognition for financing prominent entertainment productions such as Everything Everywhere All at Once, Yellowstone, and Orange Is the New Black, demonstrating its diversified business strategy and industry influence.
2025 wildfire relief
In response to the Southern California wildfires of January 2025, East West contributed $250,000 to the Eaton Fire Relief and Recovery Fund managed by the Pasadena Community Foundation and donated an additional $100,000 to the YMCA of Metropolitan Los Angeles. Employees launched a relief fund supplemented by company matching donations. The bank also implemented a “Skip-a-Pay” initiative enabling affected homeowners to postpone mortgage payments.
Collaborating with leading museums and philanthropists, East West helped establish the “LA Arts Community Fire Relief Fund,” which successfully raised $12 million to aid artists and arts professionals impacted by the wildfires.
Sponsorships
In 2005, East West appointed figure skater Michelle Kwan as its brand ambassador and secured the naming rights for the East West Ice Palace located in Artesia, California. By 2023, the company extended its sponsorship to professional golfer Rose Zhang. Starting in 2024, East West entered into a multi-year collaboration with the Los Angeles County Museum of Art (LACMA), contributing to exhibitions, educational initiatives, and aiding in the growth of its art collection.