Exhibit 99.1

FINAL

FOR FURTHER INFORMATION AT THE COMPANY:

Tom Tolda

Chief Financial Officer

(626) 768-6788

EAST WEST BANCORP ANNOUNCES THIRD QUARTER 2008 RESULTS; TOTAL DELINQUENCIES REDUCED; CAPITAL STRENGTHENED; EXPENSES REDUCED

Pasadena, CA – October 27, 2008 – East West Bancorp, Inc. (Nasdaq: EWBC), parent company of East West Bank, one of the nation’s premier community banks, today reported financial results for the third quarter 2008. East West reported a total loss of ($0.50) per share. Excluding provision for loan losses and securities impairment charges, East West reported total pretax income of $48.0 million or $0.77 per share for the third quarter of 2008.

Dominic Ng, Chairman, President and Chief Executive Officer of East West, stated, “These are extraordinary times for the financial markets. At East West, we have had a singular focus on strengthening our balance sheet during this time of unprecedented challenges and stress for the entire financial markets. During the quarter, we successfully managed down problem loans, reduced credit risk exposures, improved both liquidity and capital, and reduced core operating expenses.”

Ng concluded, “I am pleased to report that during the quarter, total loan delinquencies declined by 14% and nonperforming assets stabilized. The provision for loan losses for the third quarter of $43.0 million was down sharply from $85.0 million in second quarter. We have taken measured actions to increase the allowance for loan losses and capital levels which are both substantially higher than all our peers. We are well positioned to

emerge from this most challenging economic cycle, stronger and fully able to capitalize on market opportunities.”

Third Quarter Summary

·                   Credit Quality Strengthened - Total loan delinquencies decreased $53 million or 14% from June 30, 2008 while total nonperforming assets to total assets remained stable at 1.71%. Additionally, total loan balance for land and construction loans decreased by $235.3 million, primarily through the payoff and paydown of loans.

·                   Allowance for Loan Losses Strengthened - Total allowance for loan losses to total loans increased to 2.14%, one of the highest levels for peer banks. Additionally, the total allowance for loan losses to nonaccrual loans increased to 100%. We recorded provision for loan losses of $43 million, down from $85 million in second quarter 2008 and $55 million in first quarter 2008. Total net loan charge-offs were $39.7 million for the quarter.

·                   Capital Strengthened – Total risk-based capital increased to 13.12% up from 13.01% at June 30, 2008. As of September 30, 2008, the total excess above well capitalized risk based capital requirement was $318 million. Tangible equity to tangible assets remained stable and totaled 7.95% as of September 30, 2008.

·                   Liquidity Strengthened - Increased borrowing capacity to $2.8 billion, up $1.1 billion or 65% from June 30, 2008.

·                   Core Operating Expenses Reduced - Noninterest expense was $48.5 million, a decrease of $7.1 million or 13% from second quarter of 2008. The efficiency ratio improved to 46.4%, down from 48.6% in second quarter 2008.

·                   OTTI Impairment – Recorded other than temporary impairment of investment securities of $53.6 million pretax, comprised of $47.0 million on Fannie Mae and Freddie Mac preferred stock and $6.6 million on pooled trust preferred securities. Additionally, the tax benefit from the impairment on Fannie Mae and Freddie Mac preferred stock was $18.0 million during the third quarter. An additional tax benefit of $5.7 million will be realized in the fourth quarter.

·                   Dividend Payout – East West also announced today its Board of Directors declared a quarterly common stock cash dividend of $0.10 per share and recently approved the payment of the dividend on the preferred stock.

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East West remains strongly capitalized. As of the end of the third quarter, our tangible equity to tangible assets ratio totaled 7.95%, tier 1 capital increased to 11.12% and total risk-based capital increased to 13.12%.  East West significantly exceeds well capitalized minimums under all regulatory guidelines.

Strong Liquidity

The Bank continued to strengthen its liquidity position during the third quarter of 2008. As of September 30, 2008, East West had $2.3 billion of available borrowing capacity from various sources including the Federal Home Loan Bank, Federal Reserve and Fed Fund facilities at other banks. The Bank also had $528 million in cash and Fed Funds sold as of September 30, 2008, bringing the total excess liquidity to $2.8 billion. Efforts to improve the balance sheet continued during the quarter with the loan to deposit ratio at 110% as of September 30, 2008 versus 115% at June 30, 2008 and 122% at December 31, 2007.

Managing Through the Credit Cycle

Total nonperforming assets as of September 30, 2008 totaled $200.6 million or 1.71% of total assets, compared to $193.1 million or 1.64% of total assets at June 30, 2008. The increase in the nonperforming assets ratio was primarily related to the decrease in loans outstanding as of September 30, 2008. Nonperforming assets as of September 30, 2008 included nonaccrual loans totaling $177.3 million, other real estate owned totaling $17.6 million and loans modified or restructured totaling $5.7 million.

The Company continues to focus on reducing problem and nonperforming assets and strengthening the balance sheet. During the quarter, the Company sold six REO assets with a carrying value of $18.4 million and sold twelve nonperforming loans with a carrying value of $75.2 million. The REO assets and loans sold were predominantly land and residential construction loans. Additionally, loan balances for land and construction loans decreased by $235.3 million from June 30, 2008 to September 30, 2008.

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Total nonaccrual loans as of September 30, 2008 were $177.3 million, compared to $170.9 million at June 30, 2008. Included in nonaccrual loans as of September 30, 2008 are loans totaling $27.3 million which were not 90 days past due as of September 30, 2008, but that we classified as nonaccrual due to concerns surrounding collateral and future collectibility. Nonaccrual loans continue to be impacted by the deterioration in the residential construction and land portfolios, which comprised $119.1 million or 67% of total nonaccrual loans.

The $43.0 million provision for loan losses taken during the third quarter compared to $85.0 million in the second quarter and $55.0 million in the first quarter of 2008. At September 30, 2008, the allowance for loan losses increased to $177.2 million or 2.14%, compared to $168.4 million or 1.95% at June 30, 2008.  The Company’s methodology for calculating the allowance for loan losses includes factors such as historical loss trends, asset classification, collateral deficiency, delinquency, credit concentrations and overall economic conditions. Based on management’s evaluation and analysis of portfolio credit quality and prevailing economic conditions, we believe these reserves are adequate for losses inherent in the loan portfolio as of September 30, 2008.

For the third quarter of 2008, East West had net chargeoffs of $39.7 million, compared to $34.8 million during the second quarter of 2008. The net chargeoffs for the third quarter were comprised of $44.4 million in gross charge-offs and $4.7 million in recoveries. Of the total net charge-offs of $39.7 million for the quarter, 82% or $32.7 million of the total net charge-offs were land and residential construction loans of which 70% were located in the Inland Empire.

Net interest income for the third quarter totaled $86.5 million. The net interest margin for the quarter totaled 3.10%, compared to 3.33% in the prior quarter. The 23 basis point decrease in the margin was primarily comprised of a 12 basis point decrease due to the reinvestment of loan payoffs into lower yielding Treasury securities and fed funds assets, an 8 basis point decrease due to the impact of fed funds rate decreases during the year and a 3 basis point decrease due to the repricing of repurchase agreements into higher fixed rates.

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Excluding the non-cash charge for impairment of investment securities, noninterest income for the third quarter totaled $10.0 million, 25% or $3.4 million less than the second quarter of 2008 and 28% or $4.0 million less than the third quarter of 2007.  The decrease in noninterest income from prior quarter and prior year is because there were no sales of investment securities during the third quarter. Core noninterest income, excluding the impact of gains on sales of investment securities, loans and other assets, totaled $9.8 million for the quarter, 1% higher than the prior year figure and 2% higher than the sequential quarter.  Noninterest income remains healthy as branch fees, letters of credit fees and commissions have remained stable.

Noninterest expenses totaled $48.5 million for the third quarter, $7.1 million or 13% less than prior quarter. The decrease from the prior quarter was largely due to lower levels of staffing and a reduction in related benefits and incentive program expenses which were fully realized in the third quarter.  As noted in last quarter’s call, we anticipated noninterest expenses to be lower in second half of the year and expect fourth quarter expense levels to trend positively as expense management continues. The efficiency ratio improved to 46.4% in third quarter versus 48.6% in second quarter of 2008.

Management Guidance

Management maintains the guidance previously provided for the fourth quarter of 2008 and projects that fully diluted earnings will range from $0.11 to $0.13 per share.

Management projects net interest margin will approximate 3.05% for the fourth quarter of 2008, resulting in a full year net interest margin of approximately 3.28%.  The decrease in the estimated margin for the fourth quarter 2008 is largely due to the recent fed funds rate decrease of 50 basis points and the assumption that there will be another 50 basis point decrease in the fourth quarter of 2008. Additionally, management currently estimates that provision for loan losses for the fourth quarter will approximate $35.0 million.

Investment Securities

During the quarter, we recorded other than temporary impairment (“OTTI”), on investment securities of $53.6 million, pretax. Of this amount, $47.0 million was for Fannie Mae and Freddie Mac preferred stock and $6.6 million was for pooled trust preferred securities.

The carrying value of the Fannie Mae and Freddie Mac preferred stock as of September 30, 2008 was reduced to $3.3 million as a result of the impairment charge, 6% of the original par value. The tax benefit from the impairment of the preferred stock securities in third quarter was limited due to the accounting treatment of the charge as a capital loss in accordance with the tax laws in existence as of September 30, 2008. With the October 3, 2008 passage of the Emergency Economic Stabilization Act into law, banks may recognize other than temporary impairment charges on Fannie Mae and Freddie Mac preferred stock as ordinary losses. The Company will recognize an additional $5.7 million or $0.09 per share benefit in the fourth quarter of 2008 as a result of this change in law.

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The Company recognized a pretax charge of $6.6 million for five pooled trust preferred securities deemed to be other than temporarily impaired. As of September 30, 2008, the market for these securities is inactive and this illiquidity has adversely impacted the fair values. The Company has the ability and intent to hold these securities until all principal and interest is fully recovered. The fair value of the pooled trust preferred securities is $61.1 million, 3% of total $2.0 billion of investment securities and less than 1% of $11.7 billion in total assets as of September 30, 2008.

Deposit Summary

During the third quarter, deposits were stable with total deposits at September 30, 2008 of $7.5 billion, a 4% or $257.4 million increase over total deposits of $7.3 billion at December 31, 2007 and reflecting no change from June 30, 2008. Average total deposits for the third quarter were $7.5 billion, reflecting no change from the second quarter of 2008. The average cost of deposits for the third quarter of 2008 was 2.17%, a 118 basis point decrease from the year ago quarter and a 16 basis point decrease from the previous quarter.

About East West

East West Bancorp is a publicly owned company, with $11.7 billion in assets, whose stock is traded on the Nasdaq Global Select Market under the symbol “EWBC”. The company’s wholly owned subsidiary, East West Bank, is FDIC insured and the second largest independent commercial bank headquartered in Southern California with 72 branch locations. East West Bank serves the community with 70 branch locations across Southern and Northern California and a branch location in Houston, Texas. East West Bank has three international locations in Greater China, including a full-service branch in Hong Kong and representative offices in Beijing and Shanghai. For more information on East West Bancorp, visit the company’s website at 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, 2007 (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 borrowers to perform as required under the terms of their loans; effect of additional provisions for loan losses; effect of any goodwill impairment, the ability of EWBC and its subsidiaries to increase its customer base; the effect of regulatory and legislative action, including California tax legislation and an announcement by the state’s Franchise Tax Board regarding the taxation of Registered Investment Companies; 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 event.

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(1)           Book value per share is calculated based on the assumed conversion of 197,400 shares of convertible preferred stock into 12,829,855 shares of the Company’s common stock

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