East West Bancorp in San Marino, Calif., has acquired a San Marino insurance agency with a similar name and customer base.
The $2.3 billion-asset bank holding company, which caters mainly to Chinese-Americans in Southern California, announced the acquisition of East West Insurance on Thursday.
Purchasing the 18-year-old agency "is an important milestone in the expansion of our noninterest income stream," said Dominic Ng, chairman and chief executive officer at East West Bancorp.
Financial terms of the deal were not disclosed. Alice Wong, president and founder of East West Insurance, will continue to run the agency.