East West to acquire Desert bank

East West Bancorp, a Chinese American bank expanding into Southern California’s business mainstream, said Tuesday that it would purchase Victorville-based Desert Community Bank for $143 million, with 45% in cash and the rest in stock.

Desert Community Chairman Ronald L. Wilson will stay on at the nine-branch bank, the largest in the high desert of San Bernardino County. The bank, focused on small businesses, will keep its name because the franchise is strong, executives said.

“They are the bank in Victorville -- extremely active in the civic and charitable community,” said East West Chairman Dominic Ng, who has built Pasadena-based East West into the second-largest commercial bank based in Los Angeles County.

Ng and Wilson said that being part of East West, which has 60 branches, would allow Desert Community to make bigger loans, offer better cash management and expand into western San Bernardino and Riverside counties and the Coachella Valley. East West has pushed as far east as Ontario.

Wilson said he had rejected previous offers to buy his bank because the bidders’ strategy “was slash and burn, change the name and change the management.” Most Desert Community employees will be retained or offered jobs at East West branches, he said.

Desert Community’s shares slipped 20 cents Tuesday to $19.30 before the announcement. Its record closing high was $20.75 in March 2006. Shares of East West rose 40 cents to $39.95.