Far East National Bank Responds to Recent Press Reports

Business Wire, May 12, 1999

LOS ANGELES--(BUSINESS WIRE)--May 12, 1999--

In response to recent reports in the press, Far East National Bank President Robert Oehler issued a statement today from Far East National Bank's headquarters in Los Angeles:

"Recent articles that appeared in the Wall Street Journal and the New York Times focused on certain transactions involving former accounts at Far East National Bank. I would like to state a number of pertinent and important facts on behalf of Far East National Bank and its parent, Bank SinoPac of Taiwan:

1) Only subsequent to the transactions covered in these articles

and after obtaining the approval of the Federal Reserve and the

Office of the Comptroller of the Currency, Bank SinoPac of Taiwan

proceeded to acquire Far East National Bank in August of 1997.

2) The transactions discussed in the press articles were once the

subject of a special investigation by the OCC, initiated well in

advance of the Bank SinoPac acquisition. Further, Far East

National Bank has always been subject to close regulatory

supervision and examination. To date, we have known of no

allegations of any wrongdoing by Far East National Bank in

connection with these transactions.

3) Far East National Bank, like all nationally chartered banks in

the United States, has been and continues to be supervised by the

OCC and is committed to maintain the highest standards and

practices possible in our industry.

Since the acquisition in 1997, we have worked closely with our parent company, Bank SinoPac, to create a new and visionary institution for our shareholders, customers and employees."