Cathay General Closes Buy

Business News

TSC and IRIS Staff

10/19/06 - 11:04 AM EDT

Cathay General Bancorp(CATY Quote), the holding company for Cathay Bank, said Wednesday that it completed its acquisition of New Asia Bancorp, the holding company for New Asia Bank.

On July 6, the L.A.-based company entered into a merger agreement with New Asia Bancorp to acquire New Asia Bancorp and New Asia Bank, which is based in the Chicago area, for $23.46 million in cash and stock.

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