UCBH Ousts CEO, COO, Reaches Deal With Regulators

SAN FRANCISCO (AP) — UCBH Holdings Inc. on Tuesday said two top executives resigned as the commercial bank reached a deal with state and federal regulators that it says will strengthen and stabilize the bank.

The parent company of United Commercial Bank, which mainly serves Chinese communities in the U.S., and American companies doing business in China, said President and CEO Thomas S. Wu and Chief Operating Officer Ebrahim Shabudin resigned.

The bank did not offer any reasons for the resignations, but they are part of an ongoing management shake up. The bank has reported mounting losses in the past several quarters, as it set aside more funds to cover souring loans.

UCBH named Doreen Woo Ho acting president and CEO. No replacement was yet named for the chief operating officer slot.

The bank also said Craig On will continue as chief financial officer until it names a new person to that slot, at which time he will return to the position of deputy CFO. UCBH is also searching for a chief credit officer.