East West to Buy Smaller S. Calif. Bank

East West Bancorp Inc. agreed to buy American International Bank, a smaller Southern California bank with a largely Chinese American customer base, for about $33.8 million in cash. San Marino-based East West Bancorp, parent company of East West Bank, has more than $2 billion in assets and 22 branches in Los Angeles, Orange, San Francisco and Santa Clara counties. The acquisition of Industry-based American International Bank would add $213 million in assets and eight branches in Los Angeles, Alhambra, Carson, Cerritos, Industry, Glendale, Tarzana and Torrance. American International offers consumer banking as well as business services to small and medium-sized companies involved in foreign trade. East West, which also focuses on commercial lending and trade finance, said it expects the purchase to add to earnings in the first year. The banks expect to complete the transaction in the first quarter of 2000.