United Commercial bank's spectacular rise and fall
31.12.69
The U.S. economy was stuck in a worsening credit crisis, but Tommy Wu was seemingly on top of the world during the black tie dinner the night of Nov. 29, 2007.
The Hong Kong native was being honored at New York's Pierre Hotel by the American Banker publication for turning a sleepy San Francisco Chinatown savings and loan into one of the nation's largest banking companies serving Chinese Americans.
Wu gave an emotional speech, thanking his wife, Jessa, for her support while he led the 1998 management buyout of what was to become United Commercial Bank.
Earlier that same year, United Commercial became the first U.S. financial institution to purchase outright a mainland China bank -- a crowning achievement for Wu and his bank. The company's stock was soaring on the back of the bank's extraordinary growth. United had doubled in size in the eight years since its initial public offering and Wu was reaching for even greater heights, feverishly opening offices across the country and in Hong Kong, Taiwan and China.
Source: BusinessWeek