Davis Polk & Wardwell LLP advised Deutsche Bank Securities Inc. as financial adviser to East West Bancorp, Inc. (East West) in connection with its acquisition of the banking operations of United Commercial Bank (UCB) in a Federal Deposit Insurance Corporation (FDIC) assisted transaction. Under the terms of the transaction, East West will receive $10.4 billion in assets, including $7.7 billion in loans, and assume $9.2 billion in liabilities, including $6.5 billion in deposits of UCB. The FDIC and East West have entered into a loss sharing agreement covering substantially all acquired loans. United Commercial Bank (China) Limited, the Shanghai, China, subsidiary of UCB was included in the assets acquired by East West.

East West Bancorp, Inc. is the parent company of East West Bank, the second-largest bank headquartered in California and the largest bank in the nation focused on serving the Asian American community. East West Bank, now over $19 billion in assets, operates 137 branches worldwide, including 112 branches in California and 21 branches in key markets across the country, including New York, Atlanta, Boston, Houston, and Seattle. East West Bank operates four full-service branches in Greater China, including two branches in Hong Kong, and branches in Shanghai and Shantou. East West Bank also has representative offices in Beijing, Guangzhou, Shanghai and Shenzhen, China, and Taipei, Taiwan. UCB is a San Francisco-based provider of commercial, consumer and private banking services with 63 branches in the U.S. as well as branches in Hong Kong, Shanghai and Shenzhen, China, and Taipei, Taiwan.

The Davis Polk corporate team included partners Phillip R. Mills and Luigi L. De Ghenghi and associate Chee-Kwan Kim, all of the New York office.