Bank SinoPac of Taiwan to Acquire Far East National Bank.LOS ANGELES--(BUSINESS WIRE)--Oct. 3, 1996--Bank SinoPac of Taiwan announced today that it has entered into a definitive agreement to acquire Far East National Bank (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :FEB) of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. for cash. The transaction, which is subject to the approval of Far East National Bank shareholders and receipt of regulatory approvals, is expected to close during the first half of 1997. It is anticipated that the purchase price will be between $85 million and $90 million (U.S.), depending upon the book value of Far East National Bank's stock at the closing of the transaction. It is anticipated that the purchase price will equal 1.925 times the book value of Far East National Bank's stock at the time of closing. As of June 30, 1996, the book value per share was $7.66. Far East National Bank has 5,670,000 shares outstanding.
Bank SinoPac's President, Paul C. Y. Lo, stated, "Bank SinoPac Bank Sinopac, or SinoPac Holding, is a Taiwan-based banking holding company. The bank was founded by Samuel Yin and Paul Lo in 1992 as Taiwan liberalized its banking regulations. is committed to international expansion throughout the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. , and the acquisition of Far East National Bank represents an important step in that direction. With 10 branches up and down California, as well as an office in Beijing, Far East National Bank provides us with an ideal platform upon which to expand into the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Under Henry Hwang's dynamic leadership Far East National Bank has become one of the most respected banks in California; it has an outstanding track record in performance, a loyal customer base and an excellent management team. We plan to build upon the solid foundation and excellent reputation that Mr. Hwang has established.
"We believe that there is considerable untapped opportunity in California for a bank that has skills, expertise and experience in financing the rapidly growing international trade between California and Asia, and we intend for Far East National Bank to become that bank," Mr. Lo added.
Henry Hwang, Far East National Bank's Chairman and Chief Executive officer, said, "We are very excited to be joining Bank SinoPac, one of Taiwan's most successful banks. With Bank SinoPac's support, we expect to accelerate our growth and enhance our ability to service the needs not only of the California business community, but throughout the United States, in the important areas of international trade financing, investment banking, and treasury activities."
Founded in 1974, Far East National Bank was the first Asian-American federally chartered bank Chartered Bank
A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission in the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. . At the end of June 1996 Far East National Bank had total assets of $496 million and shareholder equity of $43 million.
Bank SinoPac of Taiwan commenced operations in January 1992 and currently operates 24 branches in 14 cities throughout Taiwan. The bank has assets of approximately $4.5 billion (U.S.) and shareholder equity of $390 million (U.S.). Bank SinoPac is a public company and its stock is traded on the Taiwanese OTC market Noun 1. OTC market - a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange
over-the-counter market .
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