Misplaced Pages

United Commercial Bank

Article snapshot taken from Wikipedia with creative commons attribution-sharealike license. Give it a read and then ask your questions in the chat. We can research this topic together.

United Commercial Bank (Chinese: 聯合銀行) was an overseas Chinese bank in the United States , based in San Francisco , California. It was a subsidiary of UCBH Holdings . Founded in 1974 as United Federal Savings and Loan Association, it changed its name to United Savings Bank, and finally United Commercial Bank in 1998. It had operations and branches located in the San Francisco Bay Area, Sacramento, Stockton, Los Angeles and Orange counties, New York , Boston , Greater Seattle Area , Hong Kong , Atlanta , Houston , Shanghai and two representative branches in Taipei , Taiwan and Shenzhen , China . United Commercial Bank was closed by regulators on November 6, 2009; it was the 120th U.S. bank to fail in 2009, and it had $ 11.2 billion in assets at the time of the bank failure . East West Bank of Pasadena, California , acquired all the deposits of UCBH.

#210789

107-536: On January 11, 2007, UCBH announced that it was acquiring The Chinese American Bank with branch locations in Manhattan, New York and Flushing, New York . The deal was expected to close in the second quarter of 2007. On March 27, 2007, it was announced that UCBH would acquire Business Development Bank of Shanghai . The purchase was a $ 205 million cash purchase. The BDB acquisition gave UCB "a banking license in China --

214-715: A 'rare and hard-to-come-by' asset that makes it easier to operate and expand in that country, said RBC Capital Markets analyst Joe Morford. It has full-service offices in Shanghai, Hong Kong and Shantou, China." The California Department of Financial Institutions closed United Commercial Bank on November 6, 2009, and appointed the Federal Deposit Insurance Corporation as the bank's receiver. The bank's operations were merged into East West Bank. The bank, which took on $ 299 million preferred stock Troubled Asset Relief Program (TARP) funding from

321-595: A 1981 article in Rolling Stone magazine calling the stretch of West 42nd Street between 7th and 8th Avenues the "sleaziest block in America". By the late 1990s, led by efforts by the city and the Walt Disney Company , the area had been revived as a center of tourism to the point where it was described by The New York Times as "arguably the most sought-after 13 acres of commercial property in

428-669: A city of tenements packed with poorly paid laborers from dozens of nations, the city became a hotbed of revolution (including anarchists and communists among others), syndicalism , racketeering , and unionization . In 1883, the opening of the Brooklyn Bridge across the East River established a road connection to Brooklyn and the rest of Long Island . In 1898, New York City consolidated with three neighboring counties to form "the City of Greater New York ", and Manhattan

535-446: A comprehensive statement of the expense and capital budget priorities and needs, evaluate the progress of capital developments and the quality and quantity of services provided by agencies, and otherwise consider the needs of the borough. Each of the fifty-nine community districts has a community board composed of up to 50 volunteer members appointed by the local borough president , half from nominations by Council members representing

642-523: A four-year term, whose duty it is to prosecute all crimes and offenses cognizable by the courts of the county. There is also a sixth DA, the Office of the Special Prosecutor for Narcotics , who is unelected, but appointed by the five elected DAs. The Brooklyn Public Library and Queens Public Library are public library systems within their respective boroughs. The New York Public Library

749-626: A growing number of Indian restaurants and spice shops along a stretch of Lexington Avenue between 25th and 30th Streets which has become known as Curry Hill . Washington Heights in Uptown Manhattan is home to the largest Dominican immigrant community in the United States. Harlem , also in Upper Manhattan, is the historical epicenter of African American culture. Since 2010, a Little Australia has emerged and

856-930: A language other than English at home. Points of interest on Manhattan Island include the American Museum of Natural History ; the Battery ; Broadway and the Theater District ; Bryant Park ; Central Park , Chinatown ; the Chrysler Building ; The Cloisters ; Columbia University ; Curry Hill ; the Empire State Building ; Flatiron Building ; the Financial District (including the New York Stock Exchange Building ; Wall Street ; and

963-470: A maximum of 950–1150 registered voters). The law also allows the election of assembly district leaders. The political parties' county executive committees typically select candidates for local offices, to be ratified by the full county committees. Many small parties do not have county committees and designate candidates at the state level. The political parties' judicial nominating conventions select candidate New York Supreme Court justices. Candidates for

1070-523: A mayor who has become unable to serve. There are also numerous commissions, boards, tribunals and offices that are independent of the mayor's office. Legislative power in the City of New York is vested in the New York City Council . The New York State Constitution empowers local governments to adopt local laws in addition to ordinances, resolutions, rules and regulations. The Council

1177-515: A multibillion-dollar rebuilding plan was unveiled to restore the historic grandeur of Penn Station, in the process of upgrading the landmark's status as a critical transportation hub . The 700,000 sq ft (65,000 m ) Moynihan Train Hall , developed as a $ 1.6 billion renovation and expansion of Penn Station into the James A. Farley Building , the city's former main post office building,

SECTION 10

#1732802055211

1284-494: A result of Alexander Hamilton 's policies and practices as the first Secretary of the Treasury to expand the city's role as a center of commerce and industry. By 1810, New York City, then confined to Manhattan, had surpassed Philadelphia as the most populous city in the United States. The Commissioners' Plan of 1811 laid out the island of Manhattan in its familiar grid plan . The city's role as an economic center grew with

1391-535: A series of spontaneous, violent protests by members of the gay community against a police raid that took place in the early morning hours of June 28, 1969, at the Stonewall Inn in the Greenwich Village neighborhood of Lower Manhattan. They are widely considered to constitute the single most important event leading to the gay liberation movement and the modern fight for LGBT rights . In

1498-522: A series of trails. The primary trail on the island, which would later become Broadway , ran from what is now Inwood in the north to Battery Park in the south. There were various sites for fishing and planting established by the Lenape throughout Manhattan. The name Manhattan originated from the Lenape 's language, Munsee , manaháhtaan (where manah- means "gather", -aht- means " bow ", and -aan

1605-467: A wildlife sanctuary, and several lawns and sporting areas, as well as 21 playgrounds, and a 6-mile (9.7 km) road from which automobile traffic has been banned since 2018. While much of the park looks natural, it is almost entirely landscaped; the construction of Central Park in the 1850s was one of the era's most massive public works projects, with some 20,000 workers moving 5 million cubic yards (3.8 million cubic meters) of material to shape

1712-562: A year. In 1961, the struggling Pennsylvania Railroad unveiled plans to tear down the old Penn Station and replace it with a new Madison Square Garden and office building complex. Organized protests were aimed at preserving the McKim, Mead & White -designed structure completed in 1910, widely considered a masterpiece of the Beaux-Arts style and one of the architectural jewels of New York City. Despite these efforts, demolition of

1819-414: Is a unicameral body consisting of 51 Council members, whose districts are defined by geographic population boundaries that each contain approximately 157,000 people. Council members are elected every four years, except that after every census held in years divisible by twenty, districts are redrawn, requiring two consecutive two-year terms, the second of which is held in the redrawn districts. The Speaker of

1926-598: Is a name from the Dutch colonial era after Haarlem , a city in the Netherlands. Some have simple folkloric names, such as Hell's Kitchen , alongside their more official but lesser used title (in this case, Clinton). Some neighborhoods, such as SoHo , which is mixed use, are known for upscale shopping as well as residential use. Others, such as Greenwich Village , the Lower East Side , Alphabet City and

2033-467: Is a private, non-governmental library serving the Bronx, Manhattan, and Staten Island, that receives government funding. The New York City Housing Authority (NYCHA) provides public housing for low- and moderate-income residents. NYC Health + Hospitals (New York City Health and Hospitals Corporation, or HHC) operates public hospitals and clinics. The New York City Economic Development Corporation (NYCEDC)

2140-506: Is an abstract element used to form verb stems ). The Lenape word has been translated as "the place where we get bows" or "place for gathering the (wood to make) bows". According to a Munsee tradition recorded by Albert Seqaqkind Anthony in the 19th century, the island was named so for a grove of hickory trees at its southern end that was considered ideal for the making of bows. In April 1524, Florentine explorer Giovanni da Verrazzano , sailing in service of Francis I of France , became

2247-652: Is bounded by the Hudson River to the west and the East River to the east. To the north, the Harlem River divides Manhattan Island from the Bronx and the mainland United States. Early in the 19th century, land reclamation was used to expand Lower Manhattan from the natural Hudson shoreline at Greenwich Street to West Street . When building the World Trade Center in 1968, 1.2 million cubic yards (920,000 m ) of material excavated from

SECTION 20

#1732802055211

2354-599: Is elected to a four-year term and is responsible for the administration of city government. The New York City Council is a unicameral body consisting of 51 members, each elected from a geographic district , normally for four-year terms. Primary elections for local offices use ranked choice voting , while general elections use plurality voting . All elected officials are subject to a two consecutive-term limit . The court system consists of two citywide courts and three statewide courts. New York City's government employs approximately 330,000 people, more than any other city in

2461-508: Is growing in Nolita, Lower Manhattan. Manhattan has two central business districts, the Financial District at the southern tip of the island, and Midtown Manhattan . The term uptown also refers to the northern part of Manhattan above 72nd Street and downtown to the southern portion below 14th Street , with Midtown covering the area in between, though definitions can be fluid. Fifth Avenue roughly bisects Manhattan Island and acts as

2568-558: Is land and 10.8 square miles (28 km ) (32%) is water. The northern segment of Upper Manhattan represents a geographic panhandle . Manhattan Island is 22.7 square miles (59 km ) in area, 13.4 miles (21.6 km) long and 2.3 miles (3.7 km) wide, at its widest point, near 14th Street . The borough consists primarily of Manhattan Island, along with the Marble Hill neighborhood and several small islands, including Randalls Island and Wards Island and Roosevelt Island in

2675-411: Is one of the most densely populated locations in the world, with a 2020 census population of 1,694,250 living in a land area of 22.66 square miles (58.69 km ), or 72,918 residents per square mile (28,154 residents/km ), and coextensive with New York County, its residential property has the highest sale price per square foot in the United States. Manhattan is home to Wall Street as well as

2782-658: Is relatively evenly spread throughout the year. Average winter snowfall between 1981 and 2010 has been 25.8 inches (66 cm); this varies considerably from year to year. Manhattan's many neighborhoods are not named according to any particular convention, nor do they have official boundaries. Some are geographical (the Upper East Side ), or ethnically descriptive ( Little Italy ). Others are acronyms , such as TriBeCa (for "TRIangle BElow CAnal Street") or SoHo ("SOuth of HOuston"), NoLIta ("NOrth of Little ITAly"), and NoMad ("NOrth of MADison Square Park"). Harlem

2889-548: Is superior to the older forms of municipal legislation such as ordinances, resolutions, rules and regulations. The codified local laws of New York City are contained in the New York City Administrative Code . The Council has several committees with oversight of various functions of the city government. Each council member sits on at least three standing, select or subcommittees. The standing committees meet at least once per month. The Speaker of

2996-418: Is the chief executive officer of the city and a magistrate , appoints and removes all unelected officers and exercises all the powers vested in the city except otherwise provided by law, and is responsible for the effectiveness and integrity of city government operations. The mayor is directly elected by popular vote for a four-year term. The mayor is also responsible for creating the city's budget through

3103-913: Is the world's seventh-tallest building (as of 2023) . The Occupy Wall Street protests in Zuccotti Park in the Financial District of Lower Manhattan began on September 17, 2011, receiving global attention and spawning the Occupy movement against social and economic inequality worldwide. On October 29 and 30, 2012, Hurricane Sandy caused extensive destruction in the borough, ravaging portions of Lower Manhattan with record-high storm surge from New York Harbor, severe flooding, and high winds, causing power outages for hundreds of thousands of city residents and leading to gasoline shortages and disruption of mass transit systems. The storm and its profound impacts have prompted discussion of constructing seawalls and other coastal barriers around

3210-779: Is the city's economic development corporation . The Metropolitan Transportation Authority (MTA) manages the New York City Subway and MTA Regional Bus Operations through its arm the New York City Transit Authority . Despite this name, the NYCTA, like the rest of the MTA, was created by the New York State Legislature as a public-benefit corporation , which the legislature and governor of New York control. The MTA also operates

3317-471: Is the economic engine of New York City , with its 2.45 million workers drawn from the entire New York metropolitan area accounting for almost more than half of all jobs in New York City. Manhattan's workforce is overwhelmingly focused on white collar professions. In 2010, Manhattan's daytime population was swelling to 3.94 million, with commuters adding a net 1.48 million people to

United Commercial Bank - Misplaced Pages Continue

3424-708: Is well suited for the foundations of Manhattan's skyscrapers . It is part of the Manhattan Prong physiographic region. Under the Köppen climate classification , New York City features both a humid subtropical climate ( Cfa ) and a humid continental climate ( Dfa ); it is the northernmost major city on the North American continent with a humid subtropical climate. The city averages 234 days with at least some sunshine annually. Winters are cold and damp, and prevailing wind patterns that blow offshore temper

3531-487: The American Revolution . "1625", the date at the bottom, was chosen to emphasize the city's Dutch roots but has been characterized as "arbitrary" and "simply wrong" by notable city historians (New Amsterdam was actually settled in 1624). The flag of New York City was adopted in 1915. Its blue, white, and orange bands represent the colors of the Dutch flag that flew over the city, then New Amsterdam, between

3638-564: The East Village , have long been associated with the Bohemian subculture. Chelsea is one of several Manhattan neighborhoods with large gay populations and has become a center of both the international art industry and New York's nightlife. Chinatown has the highest concentration of people of Chinese descent outside of Asia . Koreatown is roughly centered on 32nd Street between Fifth and Sixth Avenues. Rose Hill features

3745-753: The Empire State Building , Chrysler Building , and One World Trade Center . It is also home to the National Basketball Association 's New York Knicks and the National Hockey League 's New York Rangers . Manhattan was historically part of the Lenapehoking territory inhabited by the Munsee , Lenape , and Wappinger tribes . There were several Lenape settlements in the area including Sapohanikan , Nechtanc , and Konaande Kongh , which were interconnected by

3852-908: The FBI as "something of a deadly dress rehearsal for 9/11", was a terrorist attack in which six people were killed when a van bomb filled with explosives was detonated in a parking lot below the North Tower of the World Trade Center complex . On September 11, 2001, the Twin Towers of the original World Trade Center were struck by hijacked aircraft and collapsed in the September 11 attacks launched by al-Qaeda terrorists. The collapse caused extensive damage to surrounding buildings and skyscrapers in Lower Manhattan, and resulted in

3959-585: The Harlem and Hudson rivers, separated it from the remainder of Manhattan. Before World War I, the section of the original Harlem River channel separating Marble Hill from the Bronx was filled in, and Marble Hill became part of the mainland. After a May 1984 court ruling that Marble Hill was simultaneously part of the Borough of Manhattan (not the Borough of the Bronx) and part of Bronx County (not New York County),

4066-602: The Hearst Tower , the rebuilt 7 World Trade Center , and the Bank of America Tower —the first skyscraper designed to attain a Platinum LEED Certification. The skyscraper , which has shaped Manhattan's distinctive skyline , has been closely associated with New York City's identity since the end of the 19th century. Structures such as the Equitable Building of 1915, which rises vertically forty stories from

4173-724: The New York City Mayor's Office of Management and Budget , submitted for approval, not drafting, to the Council. Along with the mayor, the Public Advocate and the Comptroller are the only three directly elected citywide officials in New York City. The Public Advocate is an elected official with responsibility to ease public relations with the government, investigate complaints regarding city agencies, mediate disputes between city agencies and citizens, serve as

4280-694: The South Street Seaport ); Grand Central Terminal ; Greenwich Village (including New York University ; Washington Square Arch ; and Stonewall Inn ); Harlem and Spanish Harlem ; the High Line ; Koreatown ; Lincoln Center ; Little Australia ; Little Italy ; Madison Square Garden ; Museum Mile on Fifth Avenue (including the Metropolitan Museum of Art ); Penn Station , Port Authority Bus Terminal ; Rockefeller Center (including Radio City Music Hall ); Times Square ; and

4387-729: The Staten Island Railway within Staten Island, as well as the Long Island Rail Road and Metro-North Railroad , both of which are commuter lines that have termini in the city but run largely in the suburban counties of New York State and Connecticut. Other regional transportation is managed by the Port Authority of New York and New Jersey , including the bridges and tunnels between New York City and New Jersey, and all airports and seaports within

United Commercial Bank - Misplaced Pages Continue

4494-895: The Third Anglo-Dutch War . Manhattan was at the heart of the New York Campaign , a series of major battles in the early stages of the American Revolutionary War . The Continental Army was forced to abandon Manhattan after the Battle of Fort Washington on November 16, 1776. The city, greatly damaged by the Great Fire of New York during the campaign, became the British military and political center of operations in North America for

4601-548: The U.S. state of New York . Located almost entirely on Manhattan Island near the southern tip of the state, Manhattan constitutes the center of the Northeast megalopolis and the urban core of the New York metropolitan area . Manhattan serves as New York City's economic and administrative center and has been described as the cultural, financial, media , and entertainment capital of the world. Present-day Manhattan

4708-676: The United States Treasury in 2008—which is now a loss to the Treasury—is also expected to cost the FDIC some $ 1.4 billion in losses, the bulk of the losses on about $ 7.7 billion of UCB's assets acquired by East West. UCB before the FDIC intervention also "was tainted by a financial scandal that resulted in a shake-up of its top management. [It] announced in September [2009] that its financial reports could not be trusted because of

4815-522: The World Trade Center (including the National September 11 Museum and One World Trade Center ). There are also numerous iconic bridges across rivers that connect to Manhattan Island, as well as an emerging number of supertall skyscrapers . The Statue of Liberty rests on Liberty Island , an exclave of Manhattan, and part of Ellis Island is also an exclave of Manhattan. The borough has many energy-efficient office buildings, such as

4922-545: The capital of the United States from 1785 until 1790. The Statue of Liberty in New York Harbor greeted millions of arriving immigrants in the late 19th century and is a world symbol of the United States and its ideals. Manhattan became a borough during the consolidation of New York City in 1898 , and houses New York City Hall , the seat of the city's government . Harlem in Upper Manhattan became

5029-409: The deaths of 2,606 of the 17,400 who had been in the buildings when the planes hit, in addition to those on the planes. Since 2001, most of Lower Manhattan has been restored, although there has been controversy surrounding the rebuilding. In 2014, the new One World Trade Center , at 1,776 feet (541 m) measured to the top of its spire, became the tallest building in the Western Hemisphere and

5136-433: The topography and create the English-style pastoral landscape that Olmsted and Vaux sought. The remaining 70% of Manhattan's parkland includes 204 playgrounds, 251 Greenstreets, 371 basketball courts , and many other amenities. The next-largest park in Manhattan, the Hudson River Park , stretches 4.5 miles (7.2 km) along the Hudson River and comprises 550 acres (220 ha). Other major parks include: Manhattan

5243-447: The world's tallest building . Manhattan's majority white ethnic group declined from 98.7% in 1900 to 58.3% by 1990. On March 25, 1911, the Triangle Shirtwaist Factory fire in Greenwich Village killed 146 garment workers , leading to overhauls of the city's fire department, building codes , and workplace safety regulations. In 1912, about 20,000 workers, a quarter of them women, marched upon Washington Square Park to commemorate

5350-401: The 'deliberate and improper actions and omissions of certain bank officers,' who had understated losses in 'an apparent desire to downplay deteriorating financial conditions.' The company's longtime chief executive, Thomas S. Wu , resigned in September, [as did] its chief operating officer." UCBH, "East West and Cathay General Bancorp of Los Angeles ... vied for years to become the largest of

5457-686: The 1,537,195 counted in the 2000 census . In 2010, the largest organized religious group in Manhattan was the Archdiocese of New York , with 323,325 Catholics worshiping at 109 parishes, followed by 64,000 Orthodox Jews with 77 congregations, an estimated 42,545 Muslims with 21 congregations, 42,502 non-denominational adherents with 54 congregations, 26,178 TEC Episcopalians with 46 congregations, 25,048 ABC-USA Baptists with 41 congregations, 24,536 Reform Jews with 10 congregations, 23,982 Mahayana Buddhists with 35 congregations, 10,503 PC-USA Presbyterians with 30 congregations, and 10,268 RCA Presbyterians with 10 congregations. Altogether, 44.0% of

SECTION 50

#1732802055211

5564-452: The 1920s, Manhattan experienced large arrivals of African-Americans as part of the Great Migration from the southern United States, and the Harlem Renaissance , part of a larger boom time in the Prohibition era that included new skyscrapers competing for the skyline, with the Woolworth Building (1913), 40 Wall Street (1930), Chrysler Building (1930) and the Empire State Building (1931) leapfrogging each other to take their place as

5671-440: The 1970s, job losses due to industrial restructuring caused New York City, including Manhattan, to suffer from economic problems and rising crime rates. While a resurgence in the financial industry greatly improved the city's economic health in the 1980s, New York's crime rate continued to increase through the decade and into the beginning of the 1990s. The 1980s saw a rebirth of Wall Street , and Manhattan reclaimed its role as

5778-432: The Bronx is Bronx County, Manhattan is New York County, Queens is Queens County, and Staten Island is Richmond County. When New York City was consolidated into its present form in 1898, all previous town and county governments within it were abolished in favor of the present five boroughs and a unified, centralized city government. However, each county retains its own district attorney to prosecute crimes, and most of

5885-430: The City of New York". Eboracum was the Roman name for York, the titular seat of James II as Duke of York . The two supporters represent the unity between Native Americans and colonists, the four windmill sails recall the city's Dutch history as New Amsterdam , and the beavers and flour barrels the city's earliest trade goods (see History of New York City ). The crest over the seal is the American eagle , added after

5992-482: The Council, selected by the 51 Council members, is often considered the second most powerful post in New York City's government after the Mayor. Bills passed by a simple majority are sent to the mayor, who may sign them into law. If the mayor vetoes a bill, the Council has 30 days to override the veto by a two-thirds majority vote. A local law has a status equivalent with a law enacted by the New York State Legislature (subject to certain exceptions and restrictions ), and

6099-443: The Council, the Majority Leader, and the Minority Leader are all ex officio members of every committee. Prior to 1990, the city also had a powerful Board of Estimate , a unique legislative-executive hybrid. Although it could not pass laws, it shared authority for the city budget with the council and controlled functions such as land use, municipal contracts, franchises, and water and sewer rates. The Board's membership consisted of

6206-415: The Criminal Court and Civil Court, respectively.) The Family Court of the State of New York is a family court that hears cases involving children and families. The Surrogate's Court of the State of New York is the probate court which oversees the probate of wills and administers estates. New York City is composed of five boroughs or counties, collectively comprising 59 community districts. Each of

6313-421: The Criminal Court and the Civil Court, and several statewide courts, the Supreme Court, Surrogate's Court, and Family Court. Unlike the rest of New York, New York City counties do not have a typical County Court. Each statewide court is located in each of New York City's five counties (boroughs). There are also numerous extrajudicial administrative courts such as OATH , which are executive agencies and not part of

6420-448: The East River; and Governors Island and Liberty Island to the south in New York Harbor . The Island is about 13.4 miles (21.6 km) from north to south, and at its widest, 2.3 miles (3.7 km). Manhattan Island is loosely divided into Downtown ( Lower Manhattan ), Midtown ( Midtown Manhattan ), and Uptown ( Upper Manhattan ), with Fifth Avenue dividing Manhattan lengthwise into its East Side and West Side . Manhattan Island

6527-412: The Mayor, and numerous departments, boards and commissions. The Mayor also appoints several deputy mayors to head major offices within the executive branch of the city government. The City Record is the official journal published each weekday (except legal holidays) containing legal notices produced by city agencies, and regulations are compiled in the Rules of the City of New York . The Mayor

SECTION 60

#1732802055211

6634-531: The New York state and local courts' total filings. There are also several extrajudicial administrative courts, e.g. the Office of Administrative Trials and Hearings (OATH) adjudicates matters for city agencies unless otherwise provided for by law, and the city Parking Violations Bureau adjudicates parking violations. The Supreme Court of the State of New York is the trial court of general jurisdiction , which in New York City hears felony cases and major civil cases. (Lesser criminal and civil cases are heard in

6741-438: The U. S. government $ 1.7 billion, between the nearly $ 300 million TARP funds and the $ 1.4 billion FDIC losses. Manhattan, New York Manhattan ( / m æ n ˈ h æ t ən , m ə n -/ man- HAT -ən, mən- ) is the most densely populated and geographically smallest of the five boroughs of New York City . Coextensive with New York County , Manhattan is the smallest county by geographical area in

6848-411: The United States and more than any U.S. state but three: California , Texas , and New York . The city government is responsible for public education, correctional institutions, public safety, recreational facilities, sanitation, water supply, and welfare services. New York City consists of five boroughs , each coextensive with one of five counties of New York State : Brooklyn is Kings County,

6955-461: The acquisition of UCBH as "highly accretive," and shares of East West (EWBC.O) jumped as much as 57% to touch a high of $ 13.57 on the first day of trading after the acquisition. Minsheng Banking Corp , a private Chinese bank, applied to the Federal Reserve Board to acquire UCB in the weeks before the FDIC and EWB actions, but the Fed either turned it down or failed to expedite what can be a several-month approval process. Minsheng's bid could have saved

7062-594: The banks focused on the Chinese American market. East West, which had $ 12.5 billion in assets at last report, agreed to acquire $ 10.2 billion of United Commercial's $ 11.2 billion in assets. That would put the combined bank, at almost $ 23 billion in assets, ahead of L.A.-based City National as the largest bank based in Southern California. At last report, City National had $ 18.4 billion in assets." The combined UCBH/East West would also far outrank Cathay, which had total assets of $ 11.39 billion in 2009. The stock market and East West (at least initially and through Nov. 11 ) has seen

7169-440: The center of the island, Central Park , which opened its first portions to the public in 1858, became the first landscaped public park in an American city. New York City played a complex role in the American Civil War . The city had strong commercial ties to the South , but anger around conscription , resentment against Lincoln's war policies and paranoia about free Blacks taking the jobs of poor immigrants culminated in

7276-457: The center of what is now known as the cultural Harlem Renaissance in the 1920s. The Stonewall Inn in Greenwich Village , part of the Stonewall National Monument , is considered the birthplace in 1969 of the modern gay rights movement , cementing Manhattan's central role in LGBT culture . Manhattan was the site of the original World Trade Center , which was destroyed during the September 11, 2001 terrorist attacks . Situated on one of

7383-417: The city's ombudsman and advise the mayor on community relations. The Public Advocate is a member of the Council. The Public Advocate stands first in line of succession to the mayoralty. The Comptroller conducts performance and financial audits of all city agencies, serves as a fiduciary to the city's five public pension funds totaling nearly $ 160 billion in assets, provides comprehensive oversight of

7490-414: The city's budget and fiscal condition, reviews city contracts for integrity, accountability and fiscal compliance, manages the fair, efficient and effective resolution of claims against the city, ensures transparency and accountability in the prevailing wage rate-setting process and enforces prevailing wage and living wage laws. The Comptroller stands second, after the Public Advocate, in the line to succeed

7597-437: The city's skyline, most notably the Empire State Building, the Chrysler Building, and 30 Rockefeller Plaza . A postwar economic boom led to the development of huge housing developments targeted at returning veterans, the largest being Stuyvesant Town–Peter Cooper Village , which opened in 1947. The United Nations relocated to a new headquarters that was completed in 1952 along the East River. The Stonewall riots were

7704-479: The city. The Port Authority is an interstate compact operating agency jointly controlled by the Governor of New Jersey and Governor of New York . State Election Law defines the structure of political parties. It requires each party to have a state committee and allows them to organize county committees. The county committees are composed of at least two members elected from each election district (containing

7811-427: The citywide offices of mayor, comptroller and public advocate are designated jointly by the five county executive committees of each party. In most cases, insurgents who are party members can challenge party-designated candidates by petitioning for a primary election . The seal of New York City , adopted in an earlier form in 1686, bears the legend SIGILLVM CIVITATIS NOVI EBORACI , which means simply "The Seal of

7918-1054: The coldest winter month. Spring and autumn are unpredictable and can range from chilly to warm, although they are usually mild with low humidity. Summers are typically warm to hot and humid, with a daily mean temperature of 76.5 °F (24.7 °C) in July. Nighttime conditions are often exacerbated by the urban heat island phenomenon, which causes heat absorbed during the day to be radiated back at night, raising temperatures by as much as 7 °F (4 °C) when winds are slow. Daytime temperatures exceed 90 °F (32 °C) on average of 17 days each summer and in some years exceed 100 °F (38 °C). Extreme temperatures have ranged from −15 °F (−26 °C), recorded on February 9, 1934, up to 106 °F (41 °C) on July 9, 1936. Manhattan lies in USDA plant hardiness zone 7b (5 to 10 °F/-15 to -12.2 °C). Manhattan receives 49.9 inches (1,270 mm) of precipitation annually, which

8025-598: The colony. New Amsterdam was formally incorporated as a city on February 2, 1653. In 1664, English forces conquered New Netherland and renamed it "New York" after the English Duke of York and Albany , the future King James II. In August 1673, the Dutch reconquered the colony, renaming it "New Orange", but permanently relinquished it back to England the following year under the terms of the Treaty of Westminster that ended

8132-420: The community district ( i.e. , whose council districts cover part of the community district). Community boards advise on land use and zoning, participate in the city budget process, and address service delivery in their district. Community boards act in an advisory capacity, wielding no official authority to make or enforce laws. Each of the five counties of New York City elects a district attorney (DA) for

8239-554: The court system is organized around the counties. New York City is divided between two federal judicial districts. Bronx County and New York County are in the Southern District while Kings County, Queens County, and Richmond County are in the Eastern District , although both districts have concurrent jurisdiction over the waters in their respective districts. The executive branch of New York City consists of

8346-529: The decade to 1,694,250, representing 19.2% of New York City's population of 8,804,194 and 8.4% of New York State's population of 20,201,230. The population density of New York County was 70,450.8 inhabitants per square mile (27,201.2/km ) in 2022, the highest population density of any county in the United States and higher than the density of any individual U.S. city . At the 2010 census , there were 1,585,873 people living in Manhattan, an increase of 3.2% from

8453-407: The demarcation line for east/west designations. South of Waverly Place , Fifth Avenue terminates and Broadway becomes the east/west demarcation line. In Manhattan, uptown means north and downtown means south. This usage differs from that of most American cities, where downtown refers to the central business district. As of the 2020 census , Manhattan's population had increased by 6.8% over

8560-503: The elder sister of the king. Manhattan was first mapped during a 1609 voyage of Henry Hudson . Hudson came across Manhattan Island and the native people living there, and continued up the river that would later bear his name, the Hudson River . Manhattan was first recorded in writing as Manna-hata , in the logbook of Robert Juet, an officer on the voyage. A permanent European presence in New Netherland began in 1624, with

8667-511: The fire. Many of the women wore fitted tucked-front blouses like those manufactured by the company, a clothing style that became the working woman's uniform and a symbol of women's liberation , reflecting the alliance of the labor and suffrage movements. Despite the Great Depression , some of the world's tallest skyscrapers were completed in Manhattan during the 1930s, including numerous Art Deco masterpieces that are still part of

8774-488: The first documented European to visit the area that would become New York City. Verrazzano entered the tidal strait now known as The Narrows and named the land around Upper New York Harbor New Angoulême , in reference to the family name of King Francis I; he sailed far enough into the harbor to sight the Hudson River , and he named the Bay of Santa Margarita – what is now Upper New York Bay – after Marguerite de Navarre ,

8881-422: The five boroughs has an elected borough president . The borough presidents can have legislation introduced in the council, recommend capital projects, hold public hearings on matters of public interest, make recommendations to the mayor and to other city officials, make recommendations on land use and planning, and make recommendations regarding the performance of contracts providing for the delivery of services, in

8988-412: The founding of a Dutch fur trading settlement on Governors Island . In 1625, construction was started on the citadel of Fort Amsterdam on Manhattan Island, later called New Amsterdam ( Nieuw Amsterdam ), in what is now Lower Manhattan. The establishment of Fort Amsterdam is recognized as the birth of New York City. In 1647, Peter Stuyvesant was appointed as the last Dutch Director-General of

9095-497: The interests of the people of their borough. Each of the five boroughs has a borough board . They are composed of the borough president , Council members from the borough, and the chairperson of each community board in the borough. The borough boards can hold or conduct public or private hearings, adopt by-laws, prepare comprehensive and special purpose plans and make recommendations for land use and planning, mediate disputes and conflicts among two or more community boards, submit

9202-563: The matter was definitively settled later that year when the New York Legislature overwhelmingly passed legislation declaring the neighborhood part of both New York County and the Borough of Manhattan. Within New York Harbor , there are three smaller islands: Other smaller islands, in the East River , include (from north to south): The bedrock underlying much of Manhattan consists of three rock formations: Inwood marble , Fordham gneiss , and Manhattan schist , and

9309-727: The mayor, comptroller, president of the City Council, and the five borough presidents . The three citywide officials each cast two votes, and the borough presidents one each. In 1989, the Supreme Court of the United States struck down the Board of Estimate as violating the principle of "one man, one vote", due to the dramatically unequal numbers of constituents being represented by each borough president. The city subsequently adopted its current arrangement by referendum. The state court system in New York City has two citywide courts,

9416-692: The moderating effects of the Atlantic Ocean , yet the Atlantic and the partial shielding from colder air by the Appalachians keep the city warmer in the winter than inland North American cities at similar or lesser latitudes. The daily mean temperature in January, the area's coldest month, is 32.6 °F (0.3 °C); temperatures usually drop to 10 °F (−12 °C) several times per winter, and reach 60 °F (16 °C) several days in

9523-611: The opening of the Erie Canal in 1825, cutting transportation costs by 90% compared to road transport and connecting the Atlantic port to the vast agricultural markets of the Midwestern United States and Canada . Tammany Hall , a Democratic Party political machine , began to grow in influence with the support of many of the immigrant Irish , culminating in the election of the first Tammany mayor, Fernando Wood , in 1854. Covering 840 acres (340 ha) in

9630-848: The population was claimed as members by religious congregations, although members of historically African-American denominations were underrepresented due to incomplete information. In 2014, Manhattan had 703 religious organizations, the seventeenth most out of all US counties. There is a large Buddhist temple in Manhattan located at the foot of the Manhattan Bridge in Chinatown . As of 2015, 60.0% (927,650) of Manhattan residents, aged five and older, spoke only English at home, while 22.63% (350,112) spoke Spanish, 5.37% (83,013) Chinese, 2.21% (34,246) French, 0.85% (13,138) Korean, 0.72% (11,135) Russian, and 0.70% (10,766) Japanese. In total, 40.0% of Manhattan's population, aged five and older, spoke

9737-570: The population, along with visitors, tourists, and commuting students. The commuter influx of 1.61 million workers coming into Manhattan was the largest of any county or city in the country. Government of New York City The government of New York City , headquartered at New York City Hall in Lower Manhattan , is organized under the New York City Charter and provides for a mayor-council system . The mayor

9844-589: The remainder of the war. British occupation lasted until November 25, 1783, when George Washington returned to Manhattan, a day celebrated as Evacuation Day , marking when the last British forces left the city. From January 11, 1785, until 1789, New York City was the fifth of five capitals of the United States under the Articles of Confederation , with the Continental Congress meeting at New York City Hall (then at Fraunces Tavern ). New York

9951-589: The shorelines of the borough and the metropolitan area to minimize the risk of destructive consequences from another such event in the future. On October 31, 2017 , a terrorist drove a truck down a bike path alongside the West Side Highway in Lower Manhattan, killing eight. According to the United States Census Bureau , New York County has a total area of 33.6 square miles (87 km ), of which 22.8 square miles (59 km )

10058-432: The sidewalk, prompted the passage of the 1916 Zoning Resolution , requiring new buildings to contain setbacks withdrawing progressively at a defined angle from the street as they rose, in order to preserve a view of the sky at street level. Manhattan's skyline includes several buildings that are symbolic of New York, in particular the Chrysler Building and the Empire State Building , which sees about 4 million visitors

10165-609: The site was used to expand the Manhattan shoreline across West Street, creating Battery Park City . Constructed on piers at a cost of $ 260 million, Little Island opened on the Hudson River in May 2021, connected to the western termini of 13th and 14th Streets by footbridges . Marble Hill was part of the northern tip of Manhattan Island, but the Harlem River Ship Canal , dug in 1895 to better connect

10272-586: The state Unified Court System. The Criminal Court of the City of New York handles summons court appearance tickets, violations, misdemeanors (generally, crimes punishable by fine or imprisonment of up to one year), and conducts arraignments (initial court appearances following arrest) and preliminary hearings in felony cases. The Civil Court of the City of New York includes Housing Court for landlord-tenant matters, Small Claims Court for cases involving amounts up to $ 5000, and generally has jurisdiction for damages up to $ 25,000. It handles about 25% of all

10379-642: The structure began in October 1963. The loss of Penn Station led directly to the enactment in 1965 of a local law establishing the New York City Landmarks Preservation Commission , which is responsible for preserving the "city's historic, aesthetic, and cultural heritage ". The historic preservation movement triggered by Penn Station's demise has been credited with the retention of some one million structures nationwide, including over 1,000 in New York City. In 2017,

10486-577: The three-day-long New York Draft Riots of July 1863, among the worst incidents of civil disorder in American history. The rate of immigration from Europe grew steeply after the Civil War, and Manhattan became the first stop for millions seeking a new life in the United States, a role acknowledged by the dedication of the Statue of Liberty in 1886. This immigration brought further social upheaval. In

10593-473: The world's financial center , with Wall Street employment doubling from 1977 to 1987. The 1980s also saw Manhattan at the heart of the AIDS crisis , with Greenwich Village at its epicenter. In the 1970s, Times Square and 42nd Street – with its sex shops , peep shows , and adult theaters, along with its sex trade , street crime, and public drug use – became emblematic of the city's decline, with

10700-531: The world's largest natural harbors , the borough is bounded by the Hudson , East , and Harlem rivers and includes several small adjacent islands , including Roosevelt , U Thant , and Randalls and Wards Islands . It also includes the small neighborhood of Marble Hill now on the U.S. mainland . Manhattan Island is divided into three informally bounded components, each cutting across the borough's long axis: Lower Manhattan, Midtown , and Upper Manhattan. Manhattan

10807-582: The world's top 10 most-visited tourist attractions: Times Square , Central Park , and Grand Central Terminal . Penn Station is the busiest transportation hub in the Western Hemisphere . Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere. Fifth Avenue is the most expensive shopping street in the world. The borough hosts many prominent bridges , tunnels , and skyscrapers including

10914-614: The world's two largest stock exchanges by total market capitalization , the New York Stock Exchange and Nasdaq . Many multinational media conglomerates are based in Manhattan, as are numerous colleges and universities, such as Columbia University and New York University . The headquarters of the United Nations is located in the Turtle Bay neighborhood of Midtown Manhattan. Manhattan hosts three of

11021-537: The world." By the 1990s, crime rates began to drop dramatically and the city once again became the destination of immigrants from around the world, joining with low interest rates and Wall Street bonus payments to fuel the growth of the real estate market. Important new sectors, such as Silicon Alley , emerged in the Flatiron District , cementing technology as a key component of Manhattan's economy. The 1993 World Trade Center bombing , described by

11128-575: Was established as one of the five boroughs of New York City . The Bronx remained part of New York County until 1914, when Bronx County was established. The construction of the New York City Subway , which opened in 1904, helped bind the new city together, as did the completion of the Williamsburg Bridge (1903) and Manhattan Bridge (1909) connecting to Brooklyn and the Queensboro Bridge (1909) connecting to Queens. In

11235-439: Was opened in January 2021. Parkland covers a total of 2,659 acres (10.76 km ), accounting for 18.2% of the borough's land area; the 840-acre (3.4 km ) Central Park is the borough's largest park, comprising 31.6% of Manhattan's parkland. Designed by Frederick Law Olmsted and Calvert Vaux , the park is anchored by the 12-acre (4.9 ha) Great Lawn and offers extensive walking tracks , two ice-skating rinks,

11342-511: Was originally part of Lenape territory. European settlement began with the establishment of a trading post by Dutch colonists in 1624 on southern Manhattan Island; the post was named New Amsterdam in 1626. The territory and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York . New York, based in present-day Lower Manhattan , served as

11449-721: Was the first capital under the newly enacted Constitution of the United States , from March 4, 1789, to August 12, 1790, at Federal Hall . Federal Hall was where the United States Supreme Court met for the first time, the United States Bill of Rights were drafted and ratified, and where the Northwest Ordinance was adopted, establishing measures for admission to the Union of new states. New York grew as an economic center, first as

#210789