BANKING

Cathay to Acquire First Public Savings: Cathay Bancorp Inc. and First Public Savings Bank signed a definitive agreement for Cathay to buy First Public in a $31.6-million deal that Cathay says will make it the largest U.S. commercial bank serving the Chinese American community. The two banks, both based in Los Angeles’ Chinatown, had combined total assets of $1.5 billion and deposits of $1.3 billion as of March 31. The merger is expected to be completed in this year’s fourth quarter, with First Public’s shareholders receiving approximately $7.90 a share. Dunson Cheng, chairman of Cathay, said the $273-million-asset First Public has a similar customer base and has been a “consistent and growing performer.”