Los Angeles-based Cathay General Bancorp on Wednesday said it had completed its acquisition of Chicago-based New Asia Bancorp, Inc. for $23.46 million in cash and stock.

Cathay General is the holding company for Cathay Bank, Los Angeles County's third largest bank by assets and the county's second largest ethnic bank. New Asia Bank has been merged into Cathay Bank, the company said

Cathy, has made a number of strategic investments in the past few years, this spring buying a 20 percent stake in Shanghai-based First Sino Bank for an estimated $52.2 million.

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