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The decision to terminate a shared-loss agreement with the Federal Deposit Insurance Corp. boosted third-quarter profits at East West Bancorp in Pasadena, Calif.
October 22 -
East West Bancorp has been placed under an enforcement action for anti-money-laundering compliance weaknesses, as it continues a plan to spend an estimated total of $12 million on program upgrades.
November 12 -
Talmer Bancorp in Troy, Mich., will record a nearly $14 million charge in the fourth quarter tied to ending its loss-share agreements with the Federal Deposit Insurance Corp.
December 29
East West Bancorp in Pasadena, Calif., paid $118.4 million to terminate single-family and commercial shared-loss agreements with the Federal Deposit Insurance Corp., tied to an acquisition of a failed bank.
The $31.1 billion-asset company on Tuesday made the early-termination payment to the FDIC. The payment stems from East West's November 2009 acquisition of certain assets and liabilities of the failed United Commercial Bank in San Francisco.
Shared-loss coverage of commercial loans and other real estate owned assets expired on Dec. 31, 2014, but the loss recovery provisions of the commercial shared-loss agreement were still in effect.
East West
