Chinatown’s Cathay General Bancorp has completed its purchase of Asia Bancshares Inc. in Flushing, N.Y., expanding the reach of Cathay, L.A.’s oldest Chinese-American bank, in the Big Apple, the bank announced Monday.
Under the terms of the deal, Cathay will pay about $140 million in cash and stock for all of Asia Bancshares’ outstanding shares. After the merger is complete, the combined bank will have about $12.4 billion in assets.
Molina Healthcare Makes Deal with Integral Health Plan
Molina Healthcare Inc.’s Florida subsidiary has inked an agreement to buy certain Medicaid business assets from Integral Health Plan Inc. of Tampa, Fla., including 90,000 of the state’s Medicaid members. That adds to the 350,000 Florida enrollees Molina had as of June.
The Long Beach managed care provider will fund the transaction with cash, though further financial details of the deal were not disclosed. The transaction is expected to close in the fourth quarter.
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