East West Bancorp, Inc. Notification of Series A Preferred Stock Mandatory Conversion

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East West Bancorp, Inc. Notification of Series A Preferred Stock Mandatory Conversion

PASADENA, Calif.--(BUSINESS WIRE)-- East West Bancorp, Inc. (the "Company") (NAS: EWBC) will exercise its mandatory conversion right related to all the outstanding shares of its 8.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series A (the "Series A Preferred Stock"). The mandatory conversion date will be May 1, 2013 ("Mandatory Conversion Date").


On April 16, 2013, marking the 30th trading day in the previous 30 trading days, the trading price of the Common Stock closed at $24.58, exceeds 130% of the initial conversion price of $15.39 per share of the Common Stock, triggering the right of the Company to exercise its mandatory conversion right, in accordance with the terms of agreements the Company and the Board of Directors agreed.

On the Mandatory Conversion Date, holders of Series A Preferred Stock will be entitled to receive 65.13296 shares of the Company's Common Stock ("Common Stock"), par value $.001 per share, plus any accrued and unpaid dividends, for each share of Series A Preferred Stock converted, reflecting an approximate conversion price of $15.35 per share based on the initial issuance price of $1,000 per share of Series A Preferred Stock. There are currently 85,710 shares of Series A Preferred Stock outstanding, and a total of approximately 5,582,546 shares of Common Stock will be issued upon conversion of the Series A Preferred Stock. Cash will be paid in lieu of fractional shares of Common Stock. The dividend that the Company will pay on May 1, 2013 will be the final dividend declared on the Series A Preferred Stock.

From and after the Mandatory Conversion Date, no shares of Series A Preferred Stock will be deemed to be outstanding and all rights of the holders of the Preferred Stock will terminate, except for the right to receive the number of whole shares of Common Stock issuable upon conversion of the Series A Preferred Stock and cash in lieu of any fractional shares of Common Stock, as described above.

About East West Bancorp, Inc.

East West Bancorp is a publicly owned company with $23.1 billion in assets and is traded on the Nasdaq Global Select Market under the symbol "EWBC." The Company's wholly owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. East West Bank is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations worldwide, including in the United States markets of California, New York, Georgia, Massachusetts, Texas and Washington. In Greater China, East West Bank's presence includes a full service branch in Hong Kong and representative offices in Beijing, Shenzhen and Taipei. Through a wholly-owned subsidiary bank, East West Bank's presence in Greater China also includes full service branches in Shanghai and Shantou and a representative office in Guangzhou. For more information on East West Bancorp, visit the Company's website at www.eastwestbank.com.



East West Bancorp, Inc.
Irene Oh
Chief Financial Offer
626-768-6360

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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