Cathay General to Acquire Great Eastern

Great Eastern Bank, a Chinese American bank in New York, has agreed to be acquired by Los Angeles-based Cathay General Bancorp for about $101 million in cash and stock, the banks announced.

Dunson K. Cheng, Cathay’s chief executive, said the acquisition would more than double his bank’s loans and deposits in New York and increase its branches there to nine from four.

The deal ends a bidding war between Cathay Bank’s parent and another major Chinese American bank, UCBH Holdings Inc. of San Francisco, parent of United Commercial Bank.

- E. Scott Reckard