Cathay General Bancorp announced that it priced an offering of 7,614,571 shares of its common stock at an initial price to the public of $9.25 per share, or $70.4 million in aggregate gross proceeds. The closing is expected to occur on or about October 19, 2009. The Company has granted the underwriter a 30-day option to purchase up to an additional 1,142,185 shares of its common stock to cover over-allotments, if any. BofA Merrill Lynch is acting as sole book-runner for the offering. The Company expects to use the net proceeds of the offering for general corporate purposes and, subject to regulatory requirements, may use some or all of the net proceeds of the offering for acquisitions.

On October 12, 2009, Cathay General Bancorp terminated its distribution agreements with each of J.P. Morgan Securities Inc. and Deutsche Bank Securities Inc. as sales agents and/or principals.

Cathay General Bancorp announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. Net loss attributable to common stockholders for the three months ended September 30, 2009 was $21.8 million, a $28.7 million income decrease, compared to net income attributable to common stockholders of $6.9 million for the same period a year ago. Loss per share for the three months ended September 30, 2009, was $0.43 compared to earnings of $0.14 per diluted share for the same period a year ago due primarily to increases in the provision for credit losses, lower net interest income and higher provision for OREO write-downs. Return on average stockholders' equity was negative 5.58% and return on average assets was negative 0.60% for the three months ended September 30, 2009, compared to a return on average stockholders' equity of 2.71% and a return on average assets of 0.25% for the same period of 2008. Net interest income before provision for credit losses decreased to $72.5 million during the third quarter of 2009, a decline of $1.1 million, or 1.5%, compared to $73.6 million during the same quarter a year ago. The decrease was due primarily to the increases in interest expense paid for securities sold under agreements to repurchase. Net interest loss after provision for loan losses was $3.5 million and loss before income tax benefit was $32.0 million against net interest income after provision for loan losses of $57.8 million and income before income tax expense of $14.4 million for the same period a year ago. Net loss available to common stockholders for the first nine months of 2009 was $44.4 million, an $97.8 million, or 183%, decrease compared to net income available to common stockholders of $53.4 million for the same period a year ago. Loss per share was $0.89 compared to earnings of $1.08 per diluted share for the same period a year ago due primarily to increases in the provision for loan losses, lower net interest income and higher provision for OREO write-downs. Return on average stockholders' equity was negative 3.35% and return on average assets was negative 0.37% for the nine months ended September 30, 2009, compared to a return on average stockholders' equity of 7.09% and a return on average assets of 0.67% for the same period of 2008. Net interest loss after provision for loan losses was $7.1 million and loss before income tax benefit was $67.0 million against net interest income after provision for loan losses of $177.1 million and income before income tax expense of $84.0 million for the same period a year ago. Total charge-offs of $58.5 million for the third quarter of 2009 included $13.1 million of charge-offs on twelve residential construction loans, $3.1 million of charge-offs on commercial property construction loans, $9.2 million of charge-offs on commercial real estate loans, $27.7 million on 25 commercial loans, $1.5 million charge-offs on residential mortgage loans, and $3.9 million of charge-offs on land loans. Net loan charge-offs increased from $56.0 million in the second quarter of 2009 to $57.0 million in the third quarter of 2009 and compared to $9.1 million in the third quarter of last year. Net loan charge-offs remained high in the third quarter as a result of the continuing weak economy.