United Commercial Bank
A former U.S. bank serving Chinese American communities and cross-border commercial clients before its regulatory closure in 2009.
Last updated August 24, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
United Commercial Bank was a San Francisco-based American bank associated with UCBH Holdings and focused historically on Chinese American communities, small and medium-sized businesses, commercial banking, and cross-border activity involving the United States and Greater China. The institution began in 1974 as United Federal Savings and Loan Association. It later operated as United Savings Bank before adopting the United Commercial Bank name in 1998, reflecting its evolution from a savings institution into a broader commercial bank. The bank expanded through a mixture of organic growth and acquisitions. Its disclosed acquisition history included Golden Coin Savings & Loan Association in 1992, Asian American Bank & Trust Company in 2005, Summit National Bank in 2006, The Chinese American Bank in 2007, and Business Development Bank of Shanghai in 2007. These transactions broadened its U.S. branch footprint and strengthened its presence in markets with substantial Chinese American populations. The Chinese American Bank transaction added locations in Manhattan and Flushing, New York. The Shanghai transaction was described as a cash purchase of approximately $205 million and provided access to a Chinese banking license, an important strategic asset for a U.S. institution seeking to support clients operating between China and the United States. At its height, United Commercial Bank maintained operations or branches in the San Francisco Bay Area, Sacramento, Stockton, Los Angeles and Orange counties, New York, Boston, and the Greater Seattle area. Its international network included Hong Kong and Shanghai, together with representative offices in Taipei and Shenzhen. The bank therefore combined a community-oriented U.S. franchise with an international platform aimed at trade, investment, and financial relationships linking Chinese and American businesses. The institution became distressed during the 2008–2009 financial crisis. It received approximately $299 million in preferred-stock funding through the U.S. Treasury's Troubled Asset Relief Program in 2008. In 2009, UCBH disclosed that earlier financial reporting could not be relied upon because of what it characterized as deliberate and improper actions or omissions by certain bank officers. The disclosures indicated that losses had been understated in an apparent effort to minimize the appearance of deteriorating financial conditions. The revelations produced a senior-management shake-up, including the September 2009 resignation of longtime chief executive Thomas S. Wu and the resignation of the chief operating officer. United Commercial Bank was closed by the California Department of Financial Institutions on November 6, 2009, becoming the 120th U.S. bank failure recorded that year. The Federal Deposit Insurance Corporation was appointed receiver. East West Bank, based in Pasadena, California, acquired the bank's deposits and assumed or purchased substantial portions of its assets and operations. Contemporary reports described the transaction as involving approximately $10.2 billion of United Commercial Bank's $11.2 billion in assets, although the final resolution structure included significant FDIC assistance and loss exposure. The FDIC's estimated loss was reported at roughly $1.4 billion. After the receivership and integration into East West Bank, United Commercial Bank ceased operating as an independent banking brand.
History
United Commercial Bank originated in 1974 as United Federal Savings and Loan Association in California. The institution subsequently changed its name to United Savings Bank and, in 1998, became United Commercial Bank. The sequence of name changes reflected a broader transition from a thrift-oriented business toward commercial banking and a stronger focus on business customers. The bank developed a distinctive position in the U.S. banking market by serving Chinese American communities and businesses engaged in commerce between the United States and Asia. Its San Francisco base placed it near a major Chinese American population and an important Pacific trade corridor. Over time, the franchise expanded beyond the San Francisco Bay Area into Sacramento, Stockton, Southern California, the New York metropolitan area, Boston, and the Greater Seattle area. The bank's network also included international operations in Hong Kong and Shanghai, along with representative offices in Taipei and Shenzhen. UCBH Holdings used acquisitions to accelerate this expansion. Golden Coin Savings & Loan Association was acquired in 1992. In 2005, the group acquired Asian American Bank & Trust Company, followed by Summit National Bank in 2006. In 2007, UCBH announced the acquisition of The Chinese American Bank, adding branches in Manhattan and Flushing, and announced the purchase of Business Development Bank of Shanghai for approximately $205 million. The Shanghai transaction was strategically significant because it gave the group access to a Chinese banking license, supporting the provision of services to companies and individuals with cross-border financial needs. The expansion strategy encountered severe stress during the global financial crisis. United Commercial Bank received approximately $299 million in TARP preferred-stock funding from the U.S. Treasury in 2008. As the crisis deepened, asset quality and reported losses became central issues. In September 2009, the bank disclosed that its previous financial reports could not be trusted because certain officers had allegedly taken deliberate and improper actions or omissions that understated losses and obscured the deterioration of the institution's financial condition. The disclosure led to a management shake-up. Longtime chief executive Thomas S. Wu resigned, and the chief operating officer also left the organization. Potential acquirers showed interest before the final regulatory action. Contemporary accounts described East West Bank and Cathay General Bancorp as longtime competitors for scale in the Chinese American banking market. Minsheng Banking Corporation also sought approval to acquire United Commercial Bank, but the Federal Reserve approval process was not completed before the bank failed. The resolution ultimately went to East West Bank rather than a negotiated strategic acquisition by a Chinese bank. On November 6, 2009, the California Department of Financial Institutions closed United Commercial Bank and appointed the FDIC as receiver. It was identified as the 120th U.S. bank failure of 2009. East West Bank acquired the deposits and a substantial share of the assets, reported in contemporary material as roughly $10.2 billion out of United Commercial Bank's approximately $11.2 billion in total assets. The transaction involved substantial expected FDIC losses, reported at approximately $1.4 billion, while the TARP investment was also treated as a loss to the Treasury. United Commercial Bank's branches, customer relationships, and operations were consequently absorbed into East West Bank, ending the brand's independent corporate history.
- 2009
Financial-reporting problems disclosed
[1]The bank stated that prior financial reports could not be relied upon because losses had been understated through improper actions or omissions by certain officers.
- 2009
Bank closed and placed into FDIC receivership
[1]California regulators closed the bank on November 6, 2009, and East West Bank acquired its deposits and substantial assets.
- 2008
Receives TARP preferred-stock funding
[1]United Commercial Bank received approximately $299 million in preferred-stock capital under the U.S. Treasury's TARP program.
- 2007
Acquisition plans for The Chinese American Bank
[1]UCBH announced an acquisition of The Chinese American Bank, adding New York branches in Manhattan and Flushing.
- 2007
Business Development Bank of Shanghai acquisition announced
[1]UCBH announced a cash purchase of Business Development Bank of Shanghai for approximately $205 million, giving the group access to a Chinese banking license.
- 2006
Acquisition of Summit National Bank
[1]The group acquired Summit National Bank, further extending its banking operations.
- 2005
Acquisition of Asian American Bank & Trust Company
[1]UCBH acquired Asian American Bank & Trust Company as part of its U.S. expansion.
- 1998
Adopts the United Commercial Bank name
[1]After operating as United Savings Bank, the institution changed its name to United Commercial Bank.
- 1992
Acquisition of Golden Coin Savings & Loan Association
[1]UCBH's acquisition history included Golden Coin Savings & Loan Association, supporting the expansion of its banking franchise.
- 1974
Institution founded as United Federal Savings and Loan Association
[1]The predecessor institution was established in the United States under the United Federal Savings and Loan Association name.
Products and positioning
A community- and commercial-banking franchise built around Chinese American customers and cross-border business connections between the United States, Hong Kong, and mainland China.
Business banking
Commercial banking
The bank's core franchise provided deposit-taking and lending services to businesses, particularly small and medium-sized enterprises and companies connected to Chinese American communities. Its commercial orientation distinguished the institution from its earlier savings-and-loan identity.
Deposits
Community and retail deposits
United Commercial Bank maintained deposit relationships with individuals and communities in several U.S. metropolitan areas. Deposits became part of the FDIC-assisted resolution acquired by East West Bank after the 2009 closure.
International banking
Cross-border banking
Through operations and representative offices in Hong Kong, Shanghai, Taipei, and Shenzhen, the institution supported financial relationships connecting U.S. customers with Greater China. The Shanghai acquisition was especially important because it supplied access to a Chinese banking license.
Controversies
2009
Improper financial reporting and understated losses
United Commercial Bank disclosed that earlier financial reports could not be relied upon because certain bank officers had allegedly engaged in deliberate and improper actions or omissions that understated losses and downplayed worsening financial conditions. The disclosure preceded senior-management departures and the bank's regulatory closure later that year.
Brand decisions
2009
Close the bank and transfer operations through FDIC resolutionOtherBackground
The bank's financial condition deteriorated amid the financial crisis, reporting problems, and regulatory intervention.
Action taken
California regulators closed United Commercial Bank and appointed the FDIC as receiver; East West Bank acquired deposits and substantial assets.
Aftermath
The United Commercial Bank brand ceased operating independently and its franchise was absorbed into East West Bank.
Estimated FDIC loss. $1.4 billion (2009 resolution estimate)
2008
Accept TARP preferred-stock fundingOtherBackground
The bank operated during the U.S. financial crisis and required additional capital support.
Action taken
United Commercial Bank accepted approximately $299 million in preferred-stock funding from the U.S. Treasury's TARP program.
Aftermath
The investment was later described as a loss to the Treasury after the bank failed.
TARP preferred-stock funding. $299 million (2008)
2007
Acquire Business Development Bank of ShanghaiM&ABackground
UCBH sought to strengthen its ability to serve customers operating between the United States and China.
Action taken
It announced a cash purchase of Business Development Bank of Shanghai for approximately $205 million.
Aftermath
The acquisition provided access to a Chinese banking license and expanded the group's China platform.
Purchase price. $205 million (2007 announced transaction)
1998
Rebrand from United Savings Bank to United Commercial BankStrategyBackground
The institution was moving beyond its origins as a savings and loan and sought a name aligned with a broader commercial-banking model.
Action taken
It adopted the United Commercial Bank name.
Aftermath
The new identity became the bank's principal brand until its closure in 2009.
Recent events
United Commercial Bank receives JPMorgan award[2]
United Commercial Bank was recognized with JPMorgan's 2021 US Dollar Clearing Quality Recognition Award.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/united-commercial-bank · Editorial policy · How profiles are compiled