Shares of East West Bancorp (EWBC) surged nearly 50% Monday after the bank acquired United Commercial Bank, which was closed by regulators on Friday.

The acquisition makes East West the second-largest independent California bank and triggered analyst upgrades from a number of firms, including Morgan Stanley, BMO Capital and Sandler O’Neill.

United Commercial Bank, which became the 120th U.S. banking failure on Friday, has a branch in Hong Kong and a unit in Shanghai. East West said it is the largest U.S. bank focused on serving the Asian American community.

“This is a transformational event for both institutions and represents an exciting growth opportunity for East West,” East West CEO Dominic Ng said in a statement. “East West and UCB share a rich cultural heritage. For East West, the transaction strengthens our presence in key markets throughout the U.S. and Asia and is another important milestone in realizing our vision to be recognized as the premier bridge between East and West.”

East West also announced the completion of a $500 million capital raise by selling 18.2 million common shares at $9.04 each, matching the 30-day average closing price as of Oct. 30.

Shares of East West were up 46% at $12.61 during recent trading. The bank’s stock has surged since plummeting to $3.24 last March but is still down 46% year-to-date.