Far East National Bank

Immediate Release

Oct 4, 2002

FAR EAST NATIONAL BANK AND UCBH HOLDINGS, INC. AGREE TO SETTLEMENT

LOS ANGELES & SAN FRANCISCO, October 4, 2002 - Far East National Bank and United Commercial Bank (UCB™), the wholly-owned subsidiary of UCBH Holdings, Inc. (Nasdaq: UCBH), today jointly announced that they have reached a settlement in their recent legal proceedings. Under the terms of the agreement, UCB™ will pay $6.75 million to Far East National Bank. Previously, the jury within the San Francisco Superior Court had awarded Far East $9.0 million in compensatory and exemplary damages.

Robert B. Oehler, President of Far East National Bank and Thomas S. Wu, Chairman, President and Chief Executive Officer of UCBH Holdings, Inc. commented, "We are pleased to have reached this agreement. We agree that further legal proceedings through an appeals process would likely be protracted and costly to both companies - to the benefit of no one. While our companies maintain differing views of the underlying litigation, this settlement will allow management of both Far East and UCB™ to again focus exclusively on growing our respective businesses. We look forward to working together in serving the banking needs of the various communities in the United States and across the Pacific."

Far East National Bank Contact:
Kenny Hsu
(213) 687-1349

UCBH Holdings, Inc. Contact:
Thomas S. Wu
Chairman, President and Chief Executive Officer
(415) 928-0700
Jonathan H. Downing
Chief Financial Officer
(415) 928-0700

FD Morgen-Walke
Investor Relations: Leigh Parrish, Teresa Thuruthiyil
(415) 439-4521
Media Relations: Ron Heckmann
(415) 439-4513

Return to Press Release listings