East West Bank and GTE Long Distance Offering Discounts to Attract Customers

Business Wire, July 26, 1999

SAN MARINO, Calif.--(BUSINESS WIRE)--July 26, 1999--

East West Bancorp, Inc. (Nasdaq:EWBC), parent company of East West Bank, and GTE Long Distance are now offering "The Joint Rewards Program" -- a joint promotional effort to reach more Asian American consumers and small business owners.

The Joint Rewards Program allows customers who sign up for personal or business checking accounts at East West Bank branches throughout greater Los Angeles, Orange County, San Francisco and the Silicon Valley to receive special offers on banking and long distance services.

"GTE Long Distance believes that understanding the customers' cultural backgrounds and our direct involvement in the community are the foundation to building a long-term relationship," said Pam Jacobson, president-GTE Long Distance. "East West Bank has established a recognized name and successful franchise in California. The Bank's long-standing presence and extensive knowledge of Asian markets make us proud to partner with them in our effort to reach this thriving, progressive market."

"It is extremely gratifying to see GTE Long Distance's commitment to the Asian community, not only through The Joint Rewards Program, but by their grass-roots participation in community events in both southern and northern California," said Dominic Ng, chairman, president and chief executive officer of East West Bancorp.

GTE Long Distance is a division of GTE Communications Corporation (GTECC). GTECC is the competitive national sales and marketing arm of GTE Corporation (NYSE:GTE). With 1998 revenues of more than $25 billion, GTE Corporation is one of the world's largest telecommunications companies and a leading provider of integrated telecommunications services. In the United States, GTE provides local service in 28 states and wireless service in 17 states; nationwide long-distance service and internetworking services ranging from dial-up Internet access for residential and small business consumers to Web-based applications for Fortune 500 companies; as well as video service in selected markets.

East West Bancorp is a publicly owned company with over $2 billion in assets. The company's wholly owned subsidiary, East West Bank, is the fourth largest commercial bank headquartered in Southern California with 25 branches throughout Los Angeles, Orange, San Francisco and Santa Clara counties. It is also one of the largest financial institutions in the nation focusing on the Chinese-American community.