Cathay Bank
US$ 537.40 million (2020)[1] | |
US$ 228.90 million (2020)[1] | |
US$ 228.90 million (2020)[1] | |
Total assets | US$ 19 billion (2020)[1] |
Total equity | US$ 2.42 billion (2020)[1] |
Number of employees | 1,100 (2020) |
Website | cathaybank |
Cathay Bank (traditional Chinese: 國泰銀行; simplified Chinese: 国泰银行; pinyin: Guótài Yínháng) is a Chinese American bank founded in 1962.
Cathay is headquartered in Chinatown, Los Angeles, with a corporate center in nearby El Monte, California. It has branches in California, Massachusetts, New York, Texas, Washington, Illinois, New Jersey, Nevada, Maryland, and Hong Kong. It also has representative offices in Shanghai, Beijing and Taipei.
History
Chan hired
In 1999, Cathay expanded beyond California by opening a loan production office in
In 2003, branch offices were opened in
On March 31, 2006, Cathay 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.[14] 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.[15] 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.[16]
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.[17]
Acquisitions
- First Public Savings Bank (1996)
- Lippo Bank'sWestminster 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)
See also
References
- ^ a b c d e f g h "Form 10-K Cathay General Bancorp". sec.gov. Retrieved March 1, 2021.
- ^ a b c "Chan, Fung Chow (F. Chow)". Los Angeles Times. February 9, 2001. p. 48. Retrieved 28 June 2021.
- ^ Hallock, Betty (September 30, 2009). "Strawberry cake forever". Los Angeles Times. Retrieved 28 June 2021. alternative source
- ^ a b c Woo, Elaine (February 7, 2001). "Fung Chow Chang; Founded L.A.'s Phoenix Bakery". Los Angeles Times. Retrieved 28 June 2021. alternative source
- ^ a b "Cathay Bank". Los Angeles Conservancy. Retrieved 21 June 2021.
- ^ "Los Angeles Chinese American Banking Pioneers: F. Chow Chan". Chinese Historical Society of Southern California. 2007. Archived from the original on May 7, 2008.
- ^ "Minority Banking Timeline: 1962 | Cathay Bank". Partnership for Progress, Minority Depository Institutions Program. United States Federal Reserve System. Retrieved 28 June 2021.
- ^ Shyong, Frank (July 14, 2018). "At a storied Chinatown bakery, four generations labor to learn lessons of family". Los Angeles Times. Retrieved 28 June 2021. alternative source alt. (part 2)
- ^ Exploring Chinatown: Past and Present (PDF) (Report). Los Angeles Conservancy. April 17, 2016. Retrieved 17 June 2021.
- ^ "Modest beginnings, steady growth". Cathay Bank. Retrieved 28 June 2021.
- ^ "CATHAY BANCORP, INC". MarketWatch. 2000-03-03.
- ^ "Los Angeles Chinese American Banking Pioneers: Cathay Bank". Chinese Historical Society of Southern California. 2007. Archived from the original on May 7, 2008.
- ^ "Cathay to Buy New Asia Banks in Chicago". Los Angeles Times. 2006-07-06.
- ^ Irtani, Evelyn (2007-03-28). "California bank goes after China". Los Angeles Times. Retrieved 2007-03-29.
- ^ "Cathay General Bancorp And Asia Bancshares Enter Into Definitive Agreement For Merger" (Press release). PR Newswire. January 21, 2015. Retrieved November 12, 2015.
- ^ Koren, James Rufus (July 8, 2016). "Cathay Bank to buy fellow Chinatown lender Far East National". Los Angeles Times. Retrieved July 9, 2016.
- ^ "HSBC exits US mass market" (Press release). HSBC Holdings plc. May 26, 2021. Archived from the original on May 27, 2021. Retrieved May 27, 2021.
External links
- Cathay Bank
- Li, Wei; Dymski, Gary; Zhou, Yu; Chee, Maria; Aldana, Carolyn (December 2002). "Chinese-American Banking and Community Development in Los Angeles County". Annals of the Association of American Geographers. 92 (4). Taylor & Francis, Ltd.: 777–796. S2CID 154971918.
- "Cathay Bank, History". US Bank Locations.
- Shulman, Julius (1971–72). "Job 4818: Eugene Choy, Cathay Bank (Los Angeles, Calif.)". J. Paul Getty Trust, Getty Research Institute.