Former United Commercial executive agrees to guilty plea: filing

Reuters News
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Posted: Sep 05, 2014 5:10 PM

SAN FRANCISCO (Reuters) - Former United Commercial Bank executive Thomas Yu has agreed to plead guilty in a U.S. criminal case resulting from bank's 2009 failure, according to a court filing on Friday.

Yu was charged with securities fraud and other criminal counts. The joint court filing on Friday from U.S. prosecutors and Yu's attorney did not specify which charges he would admit.

UCB, the ninth-largest bank to fail during the financial crisis, catered to California's Asian community and expanded rapidly before regulators closed it. It had received a $298.7 million bailout from the U.S. government in November 2008.

(Reporting by Dan Levine; Editing by David Gregorio)