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Cathay General Bancorp announces stock offering
LOS ANGELES (AP) — Bank holding company Cathay General Bancorp Inc. said Monday it has begun a public offering of up to $70.5 million in common stock.
The company also granted the underwriter a 30-day option to purchase up to $10.5 million more shares in the event demand exceeds initial supply.
BofA Merrill Lynch is the bookrunner for the offering. At Monday's closing price of $9.07, the stock offering could total up to about 8.9 million shares.
The company currently has about 53.1 million shares outstanding.
Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank with branches in California, New York, Massachusetts, Texas, Washington, Illinois and New Jersey. The company has also has a bank in Hong Kong and offices in Shanghai and in Taipei.