Cathay General Bancorp in Los Angeles, which won a bidding battle this year for a New York bank that caters to Chinese-Americans, has now made a deal for a New Jersey bank with the same focus.
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The $7.6 billion-asset Cathay announced late Tuesday an agreement to buy the $60 million-asset United Heritage Bank in Edison for $9.4 million in cash. Holders of more than 50% of United's shares have already agreed to vote for the deal, Cathay said. The deal is expected to close in the first quarter.
In April, Cathay closed its $101 million deal for the $310 million-asset Great Eastern Bank in New York City. Cathay's bid topped the $97.4 million offered by UCBH Holdings Inc. of San Francisco. Cathay already had four New York branches; now it has nine.
