HOUSTON, Dec. 10, 2013 /PRNewswire/ -- MetroCorp
Bancshares, Inc. ("MetroCorp") (Nasdaq: MCBI), parent of MetroBank,
National Association and Metro United Bank, announced today that
the State of California Department of Business Oversight had
approved the applications for the mergers of Metro United Bank and
Metro Bank National Association with and into East West Bank, the subsidiary bank of East
West Bancorp, Inc. ("East West"). In addition, the Federal
Reserve Bank of San Francisco has
indicated that it does not object to the consummation of the
proposed merger of MetroCorp with and into East West, with East
West surviving the merger, without the filing of a formal
application.
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About MetroCorp
MetroCorp Bancshares, Inc. (NASDAQGM: MCBI) provides a full
range of commercial and consumer banking services through its
wholly owned subsidiaries, MetroBank, N.A. and Metro United Bank.
The Company has twelve full-service banking locations in the
greater Houston and Dallas, Texas metropolitan areas, and six
full-service banking locations in the greater San Diego, Los
Angeles and San Francisco,
California metropolitan areas. As of September 30, 2013, the Company had consolidated
assets of $1.6 billion. For
more information, visit the Company's web site at
www.metrobank-na.com.
Forward-Looking Statements
This press release contains certain forward-looking information
about East West Bancorp, Inc., MetroCorp Bancshares, Inc., and the
combined company after the close of the Merger that is intended to
be covered by the safe harbor for "forward-looking statements"
provided by the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact
are forward-looking statements. In some cases, you can
identify forward-looking statements by words such as "may," "hope,"
"will," "should," "expect," "plan," "anticipate," "intend,"
"believe," "estimate," "predict," "potential," "continue," "could,"
"future" or the negative of those terms or other words of similar
meaning. You should carefully read forward-looking
statements, including statements that contain these words, because
they discuss the future expectations or state other
"forward-looking" information about East West, MetroCorp and the
combined company. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of East West, MetroCorp and the
combined company. Forward-looking statements speak only as of
the date they are made and we assume no duty to update such
statements. In addition to factors previously disclosed
in reports filed by East West and MetroCorp with the SEC, risks and
uncertainties for each institution and the combined institution
include, but are not limited to: the possibility that any of the
anticipated benefits of the proposed Merger will not be realized or
will not be realized within the expected time period; the risk that
integration of MetroCorp's operations with those of East West will
be materially delayed or will be more costly or difficult than
expected; the inability to close the Merger in a timely manner; the
inability to complete the Merger due to the failure of MetroCorp
shareholders to adopt the Merger Agreement; diversion of
management's attention from ongoing business operations and
opportunities; the failure to satisfy other conditions to
completion of the Merger, including receipt of required regulatory
and other approvals; the failure of the proposed Merger to close
for any other reason; the risk that integration of MetroCorp's
operations with those of East West will be materially delayed or
will be more costly or difficult than expected; the challenges of
integrating and retaining key employees; the effect of the
announcement of the Merger on East West's, MetroCorp's or the
combined company's respective customer relationships and operating
results; the possibility that the Merger may be more expensive to
complete than anticipated, including as a result of unexpected
factors or events; and general competitive, economic, political and
market conditions and fluctuations.
Important Information About the Proposed Merger and Where to
Find It
In connection with the proposed Merger, East West has filed with
the SEC a registration statement on Form S-4, which includes the
proxy statement/prospectus with respect to the proposed acquisition
of MetroCorp. INVESTORS AND SECURITY HOLDERS OF METROCORP ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED
MERGER CAREFULLY AND IN ITS ENTIRETY, INCLUDING ANY DOCUMENTS
PREVIOUSLY FILED WITH THE SEC AND INCORPORATED BY REFERENCE INTO
THE PROXY STATEMENT/PROSPECTUS, BECAUSE IT CONTAINS IMPORTANT
INFORMATION REGARDING EAST WEST, METROCORP AND THE PROPOSED
MERGER. Investors may obtain a free copy of the registration
statement and proxy statement/prospectus, as well as other filings
containing information about East West and MetroCorp, without
charge, at the SEC's website at http://www.sec.gov/.
Investors may also obtain these documents, without charge, from
East West's website at http://www.eastwestbank.com or by
contacting East West's investor relations department at (626)
768-6800 or from MetroCorp's website at
https://www.metrobank-na.com or by contacting MetroCorp's
investor relations department at (713) 776-3876.
Participants in a Solicitation
MetroCorp and its directors, executive officers and other
members of its management and employees may be deemed to be
participants in the solicitation of proxies in respect of the
proposed Merger. Information about the directors and executive
officers of MetroCorp and their ownership of MetroCorp common stock
is set forth in the Proxy Statement as previously filed with the
SEC. Additional information regarding the interests of such
participants in the proposed Merger is included in the proxy
statement/prospectus. Free copies of these documents may be
obtained as described in the preceding paragraph.
CONTACT: MetroCorp Bancshares, Inc., Houston
George M. Lee, Co-Chairman,
President and CEO, 713-776-3876
SOURCE MetroCorp Bancshares, Inc.
