Election of New Directors Adds Further Diversity of Experience and Expertise and Increases Board to 8 Directors

Peggy Cherng, President and CEO of Panda Restaurant Group Elected to Board

John Kooken, Former CFO and Vice Chairman of Security Pacific Corporation Elected to Board

SAN MARINO, Calif., Dec. 4 /PRNewswire-FirstCall/ -- East West Bancorp, Inc. (Nasdaq: EWBC), parent company of East West Bank, one of the nation's premier community banks and a leading institution focused on the Chinese-American and other niche markets, today announced the election of Peggy Cherng and John Kooken to the Board of Directors. The appointment of the two increases the total number of directors to eight, including six outside, independent members.

Dominic Ng, East West's Chairman, President and CEO, commented on the appointments, "We are very pleased to enhance our already impressive board with these two new appointments. Both Peggy and John bring a wealth of experience and expertise to East West and will provide valuable insight and guidance as we continue to build one of the premier commercial banking franchises in California. Peggy brings a unique view as the president of a fast-growing, retail franchise and John provides a wealth of experience and expertise gained as both an executive officer and board member at a number of financial institutions. We are extremely fortunate to have built what we believe to be one of strongest board of directors of any community bank, with a valuable breadth of experience and skills. In addition, with the new members, outside directors now represent six of our eight members, adding to our already shareholder focused, independent board composition."

Cherng currently serves as the President and Chief Executive Officer of Panda Restaurant Group, a position she has held since 1996, leading the company's corporate and administrative functions. Under Cherng's stewardship, Panda's operations have expanded to include 5 Panda Inn, 15 Hibachi-San and over 510 Panda Express locations in 36 states, Japan and Puerto Rico and have become one of the largest and fastest growing private companies in Southern California. In addition to her business activities, Cherng is actively involved in a number of community and professional organizations, including serving on the Board of Directors of Methodist Hospital of Southern California, The Board of Visitors of the Peter F. Drucker Graduate School of Management, Claremont Graduate University and the Board of Directors of the National Restaurant Association. Cherng received her B.S. in Applied Mathematics from Oregon State University, and her M.S. in Computer Science and Ph.D. in Electrical Engineering from the University of Missouri.

Commenting on her appointment to the Board, Cherng stated, "I have become very familiar with East West Bancorp in the past several years and its tremendous success in both the ethnic retail and general commercial niches in the region, and welcome the opportunity to help guide the bank in further achievements in both markets. East West has developed an extensive array of products and services focused on California's middle market businesses, capabilities that not only impressed me as a business owner, but also attracted me to the board."

Kooken joins the East West Board after an illustrious 32 year career with Security Pacific Corp., rising to become Chief Financial Officer and Vice Chairman. During his tenure at Security Pacific, Kooken played key financial and operational roles during the bank's growth. In addition to his tenure at Security Pacific, Kooken has extensive experience as a director of public companies, most recently serving on the board of Golden State Bancorp until its sale to Citigroup. Kooken also served as a director at Pacific Gulf Properties, a NYSE listed REIT, from 1993 to 2000 and as a director of the Centris Group, a specialty insurance company. Kooken has been as equally committed to community service, acting as a member of the Board of Directors for the Children's Bureau of Southern California since 1972, including roles as Chairman of the Board and Chairman of the Board of Trustees at various times. He has also served as a member of the Board of Huntington Hospital in Pasadena, California since 1987 and is currently Chairman of the Board. Kooken graduated from Stanford University with a M.S. in Petroleum Engineering and a Ph.D. in Business.

Kooken commented on his appointment, "Joining the Board of East West Bancorp represents a unique and exciting opportunity for me. East West has built one of the most impressive community bank platforms in the nation and is well positioned to further capitalize on its leading positions in various niche markets and I believe that I can make a valuable contribution to its continued success."

About East West

East West Bancorp is a publicly owned company, with $3.2 billion in assets, whose stock is traded on the Nasdaq National Market under the symbol "EWBC". The company's wholly-owned subsidiary, East West Bank, is the third largest independent commercial bank headquartered in Los Angeles. East West Bank serves the community with 33 branches throughout Los Angeles, Orange, San Francisco, Alameda and Santa Clara counties. It is also one of the largest financial institutions in the nation focusing on the Chinese-American community. For more information on East West Bancorp call toll-free 800-713-6506. The Company's Web site can be reached at http://www.eastwestbank.com .

Forward-Looking Statements

This release may contain forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and accordingly, the cautionary statements contained in East West Bancorp's Annual Report on Form 10-K for the year ended Dec. 31, 2001 (See Item I -- Business, and Item 7 -- Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations), and other filings with the Securities and Exchange Commission are incorporated herein by reference. These factors include, but are not limited to: the effect of interest rate and currency exchange fluctuations; competition in the financial services market for both deposits and loans; EWBC's ability to efficiently incorporate acquisitions into its operations; the ability of EWBC and its subsidiaries to increase its customer base; and regional and general economic conditions. Actual results and performance in future periods may be materially different from any future results or performance suggested by the forward-looking statements in this release. Such forward-looking statements speak only as of the date of this release. East West expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in the Bank's expectations of results or any change in events.

For further information please contact: Julia Gouw, Chief Financial Officer, +1-626-583-3512, or Steven Canup, Investor Relations, +1-626-583-3775, both of East West Bancorp, Inc.

SOURCE East West Bancorp, Inc.

CONTACT:
Julia Gouw, Chief Financial Officer, +1-626-583-3512, or Steven Canup, Investor Relations, +1-626-583-3775, both of East West Bancorp, Inc./