Cathay Bank

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Cathay Bank
國泰銀行
Subsidiary (of Cathay General Bancorp (國泰萬通金控), NASDAQCATY)
Industry Finance and Insurance
Founded Los Angeles, California, U.S. (1962)
Headquarters Los Angeles, California, U.S.
Key people
Dunson K. Cheng, Chairman, CEO
Pin Tai, President & Director
Products Banking
US$161.1 million (2015)[1]
Total assets US$13.3 billion (2015)[1]
Number of employees
1,122 (2015)[1]
Slogan An Open Door for AlL
Website https://www.cathaybank.com/

Cathay Bank (traditional Chinese: 國泰銀行; simplified Chinese: 国泰银行; pinyin: Guótài Yínháng) is a Chinese American bank based in Los Angeles, California. Founded in 1962, it has since expanded its network throughout California and into Massachusetts, New York, Texas, Washington, Illinois, New Jersey, Nevada, and Maryland. Additionally, it has representative offices in Hong Kong, Shanghai and Taipei.

The headquarters is in Chinatown, Los Angeles, and there is a corporate center in El Monte, California.[1]

History[edit]

Cathay Bank first opened in 1962 in Los Angeles' Chinatown as the first Chinese-American bank in California. In 1979 it opened its first branch office in Monterey Park. Its first overseas representative office in Hong Kong was opened in 1985.

In 1999, Cathay expanded beyond California by opening a loan production office in Houston, Texas, which was converted to a full service branch in 2000. Expansion to New York occurred in 1999 with the acquisition of certain assets of Golden City Commercial Bank.

In 2003, branch offices were opened in Boston, Massachusetts, and Kent, Washington. Cathay merged with General Bank in 2003. In 2006, Cathay prevailed in a bidding war with United Commercial Bank to acquire Great Eastern Bank. Cathay also acquired New Asia Bank in 2006.

Cathay Bank in Chinatown, Boston.

On March 31, 2006, announced plans to acquire a 20% stake in First Sino Bank, but the deal fell through due to the companies failing to get approval from the Chinese government.[2] On March 30, 2007, Cathay expanded into New Jersey when it completed its acquisition of United Heritage Bank.

On January 21, 2015, Cathay General Bancorp, the holding company for Cathay Bank, and Asia Bancshares, the holding company for Asia Bank, N.A., announced that they have entered into a definitive agreement for the merger of Asia Bancshares into Cathay.[3] The result of the merger increased Cathay Bank's presence in New York as well as added Maryland to its list of service areas.

On July 8, 2016, Cathay announced plans to acquire Far East National Bank.[4]

Acquisitions[edit]

  • First Public Savings Bank (1996)
  • Lippo Bank's Westminster branch (1997)
  • Certain assets of Golden City Commercial Bank in New York (1999)
  • General Bank (2003)
  • Great Eastern Bank (2006)
  • New Asia Bank (2006)
  • United Heritage Bank (2007)
  • Asia Bank, N.A. (2015)
  • Far East National Bank (2017) (pending)

References[edit]

  1. ^ a b c d "Cathay Bank, Annual Report 2015" (PDF). Retrieved July 9, 2016. 
  2. ^ Irtani, Evelyn (2007-03-28). "California bank goes after China". Los Angeles Times. Retrieved 2007-03-29. 
  3. ^ "Cathay General Bancorp And Asia Bancshares Enter Into Definitive Agreement For Merger" (Press release). PR Newswire. January 21, 2015. Retrieved November 12, 2015. 
  4. ^ Koren, James Rufus (July 8, 2016). "Cathay Bank to buy fellow Chinatown lender Far East National". Los Angeles Times. Retrieved July 9, 2016. 

External links[edit]