Cathay General Bancorp

#3635

Rank

$2.31B

MarketCap US

US United States

Country

Summary
Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits. It also provides loan products, such as commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, and home equity lines of credit, as well as installment loans to individuals for household, and other consumer expenditures. In addition, the company offers trade financing, letter of credit, wire transfer, forward currency spot and forward contract, traveler's check, safe deposit, night deposit, social security payment deposit, collection, bank-by-mail, drive-up and walk-up window, automatic teller machine, Internet banking, investment, and other customary bank services, as well as securities and insurance products. As of March 1, 2022, it operated 31 branches in Southern California, 16 branches in Northern California, 10 branches in New York, four branches in Washington, two branches in Illinois, and two branches in Texas, as well as one branch each in Maryland, Massachusetts, Nevada, and New Jersey, and Hong Kong; and a representative office each in Beijing, Taipei, and Shanghai. The company was founded in 1962 and is headquartered in Los Angeles, California.

History

Fung Chow Chan , emigrated from Guangdong to Los Angeles in 1933 to join his father's silk business and founded the Phoenix Bakery in Chinatown with his wife Wai Hing in 1938; the success of the bakery's strawberry cream cake, developed by his brother Lun, allowed him to be one of the first Asian Americans to integrate the Silver Lake neighborhood. However, he was denied a home loan because he was an immigrant, which spurred him to organize local community leaders and apply for a bank charter. Initial attempts to open a savings and loan were denied repeatedly by state regulators, so the group of investors he led instead applied for a commercial bank charter, receiving it on May 5, 1961 and Cathay Bank started operations in 1962, the first bank owned and operated primarily by Chinese-Americans to serve their community in Southern California. Chan's fellow founders were George T.M. Ching, Gerald T. Deal, Dr. Tin Y. Kwong, John R. MacFaden, Thomas Quon, and John F. Varela. Chan would also help found East West Bank in 1973, which received its charter on June 20, 1972.Chan hired Eugene Kinn Choy, an architect responsible for many prominent buildings in Chinatown, to design the new bank's headquarters, which opened in 1966 at 777 N Broadway. The International Modern building incorporates the cultural heritage of its founders in the shape of the roof and the four Chinese characters running down the facade.:?5? 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. The Cathay Bank Foundation was established in 2002 to create opportunities for affordable housing, community and economic development, and education.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.On March 31, 2006, announced plans to acquire a 20% stake in First Sino Bank, but the deal fell through because the companies failed to get approval from the Chinese government. On March 30, 2007, Cathay expanded into New Jersey when it completed its acquisition of United Heritage Bank.

In 2007, Cathay Bank converted its Hong Kong Representative office into a full-service branch.

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 had entered into a definitive agreement for the merger of Asia Bancshares into Cathay. 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.On May 26, 2021, Cathay entered into an agreement with HSBC Bank USA, N.A. to purchase HSBC's retail operations on the West Coast, including 10 branches in Washington and California. Under the agreement, Cathay will acquire approximately $1.0 billion in deposits and approximately $800 million in loans.


Mission
It is the mission of Cathay Bank to be responsive to the financial needs of our customers and the communities we serve. We are committed to providing a broad spectrum of personal and commercial banking products and services and are here to develop meaningful, long-term relationships that demonstrate our appreciation for our customers’ businesses and our commitment to their financial success.

Vision
At Cathay Bank, our vision is to assist our customers in realizing their financial goals. We strive to be their most valuable and trusted source for banking product and service solutions.

Key Team

Ms. Georgia Lo (Assistant Sec. & Investor Relations)

May K. Chan (Sr. VP, Gen. Counsel & Sec.)

Mr. Weston Barkwill (Chief Internal Auditor)


Recognition and Awards
Cathay Bank is recognized for its commitment to excellence in the financial industry and is highly ranked by many rating agencies. In 2020, it was named one of Forbes' Best Banks and a 2020 Best Bank to Work For. Additionally, the Analysts Choice Awards awarded it Best Bank in the U.S. for 2020.

References
Cathay General Bancorp
Leadership team

Mr. Dunson K. Cheng (Exec. Chairman)

Mr. Chang Ming Liu (CEO, Pres & Director)

Mr. Heng W. Chen (Exec. VP, CFO & Treasurer)

Products/ Services
Banking, Finance, Financial Services
Number of Employees
1,000 - 20,000
Headquarters
Los Angeles, California, United States
Established
1962
Company Registration
SEC CIK number: 0000861842
Net Income
100M - 500M
Revenue
500M - 1B
Traded as
CATY
Sat Feb 24 2024
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