UCBH Holdings to buy Summit Bank

19 September 2006

UCBH Holdings, the holding company of United Commercial Bank, has acquired The Summit National Bank for approximately $175.5 million.

Headquartered in Atlanta, Georgia, The Summit National Bank currently operates five branches in the Atlanta area, two in San Francisco and Concord Bank, a division of The Summit National Bank, in Houston. Summit also operates a representative office in Shanghai, China.

It has a strong international trade finance platform that provides banking services to Asian communities and other ethnic groups

Thomas Wu, chairman of UCBH Holdings, said the acquisition was a strategic move to enter the growing Atlanta, Georgia and Houston, Texas markets.

"In addition, Summit's Shanghai, China representative office provides UCBH with the planned presence in Shanghai, which complements our greater China expansion strategy," he added.

The transaction, which is subject to approval by Summit Bank Corporation's shareholders and regulatory approval, is anticipated to close in the first quarter of 2007.

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