-
Cathay General Bancorp (CATY) in Los Angeles has finished buying back the shares it issued to the Treasury Department under the Troubled Asset Relief Program.
September 30 -
Cathay General Bancorp (CATY) has agreed to acquire about $40 million of deposits and a Las Vegas branch from SWNB Bancorp, marking Cathay's entrance in the Vegas market.
May 15 -
Cathay General Bancorp (CATY) in Los Angeles reported flat quarterly earnings as higher expenses offset gains from securities sales.
July 18 -
Cathay General Bancorp (CATY) in Los Angeles reported earnings that were below expectations after expenses rose.
January 23
The Treasury Department was set Tuesday to sell the warrants it held in Cathay General Bancorp (CATY) in Los Angeles.
Treasury had obtained more than 1.8 million warrants in Cathay through the Troubled Asset Relief Program; each gives the owner the right to buy a Cathay share for 20.96 a 23% discount to Cathay's closing price of $27.19 on Monday, the day before Treasury announced the start of the sale.
Cathay shares were down nearly 3% late in the trading day Tuesday.
At the minimum bid price of $6.50 per warrant, the Treasury would raise about $12 million if all the warrants are sold. The auction began Tuesday morning and was scheduled to close at 6:30 p.m.; Deutsche Bank Securities was the auction agent.
The $10.8 billion-asset Cathay
Cathay earned $32.6 million in the third quarter, up 7% from the same period in 2012, and $91.7 million in the first nine months of the year. In May, it announced plans to
