Item 4.02(a) Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review On May 18, 2009, UCBH Holdings, Inc. (the "Company") management recommended to the Audit Committee of the Board of Directors, and the Audit Committee agreed, that the Company's consolidated financial statements as of and for the year ended December 31, 2008, should be restated, and the previously issued consolidated financial statements, and any related reports from its independent registered public accounting firm for such period, as well as its previously issued earnings release for the first quarter of 2009, should no longer be relied on.
The restatement resulted from a re-examination of the Company's non-performing asset portfolio conducted by management as part of the ongoing remediation of certain ineffective controls as disclosed on March 16, 2009 in Item 9A, Disclosure Controls and Procedures in the Company's Form 10-K filing for the year ended December 31, 2008. Such re-examination resulted in the finding and conclusion that certain loan impairments, and related reserves and charge-offs associated with specific collateral dependent loans and other real estate owned properties which had been analyzed and recorded during the first quarter of 2009, should have been more appropriately recorded and reflected in the fourth quarter of 2008; the Company has identified corrections to date that may result in an increase in its pre-tax loss of approximately $45 million to $55 million for the year ended December 31, 2008, but this analysis remains preliminary and has not yet been finalized. The restatement will result in material adjustments to the loan loss provision and related allowance for loan losses, including charge-offs and the resulting change in non-performing loan levels, and to other real estate owned expense for the quarter and year ended December 31, 2008. Further, although the re-examination has not resulted in an increase to the previously reported level of non-performing assets, such re-examination has resulted in the need to record additional general valuation allowances in the first quarter of 2009.
In addition, the Audit Committee is conducting an independent investigation regarding the recognition of impairment losses on non-performing loans and other real estate owned. Accordingly, the Company will not file its 2008 Form 10-K/A or its Form 10-Q for the quarter ended March 31, 2009 until after the completion of such investigation.
There is no assurance that the outcome of the investigation will not result in additional impairment charges or that the Company's Form 10-Q for subsequent periods will be timely filed. All statements made in this Form 8-K are made only as of the date set forth at the beginning of this Form 8-K. The Company undertakes no obligation to update the information in this Form 8-K in the event facts or circumstances subsequently change after the date of the filing of this Form 8-K.
Management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K with KPMG LLP, the Company's independent registered public accounting firm.

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