Cathay Bank
| File:Cathay Bank logo.svg | |
| File:Cathay Bank, Chinatown, Los Angeles, CA, USA.jpg Headquarters of Cathay Bank located at 777 N Broadway in Chinatown, Los Angeles | |
Native name | 國泰銀行 |
|---|---|
| Company type | Public |
| Template:NASDAQ Component of S&P 600 | |
| ISIN | US1491501045 |
| Industry | Finance and Insurance |
| Founded | April 19, 1962 in Los Angeles, California, United States |
| Headquarters | Los Angeles, California, United States |
Key people | |
| Products | Banking |
| Revenue | Increase US$ 537.40 million (2020)[1] |
| Increase US$ 228.90 million (2020)[1] | |
| Increase US$ 228.90 million (2020)[1] | |
| Total assets | Increase US$ 19 billion (2020)[1] |
| Total equity | Increase US$ 2.42 billion (2020)[1] |
Number of employees | 1,100 (2020) |
| Website | cathaybank |
Cathay Bank () is a financial institution established by Chinese Americans in 1962.
Its main office is situated in Chinatown, Los Angeles, with an additional corporate center nearby in El Monte, California. Cathay Bank operates branches throughout several states including California, Massachusetts, New York, Texas, Washington, Illinois, New Jersey, Nevada, and Maryland, as well as in Hong Kong. The bank also maintains representative offices in major cities such as Shanghai, Beijing, and Taipei.
History
The inception of Cathay Bank was driven by Fung Chow Chan (1909–2001), a Chinese immigrant and entrepreneur who initially opened the Phoenix Bakery in Los Angeles' Chinatown in 1938. After facing rejection for a home loan due to his immigrant background, he led a group of local investors to obtain a commercial bank charter in 1961. This effort culminated in the establishment of Cathay Bank in 1962, marking it as the first bank predominantly owned by Chinese Americans serving Southern California.[2] Other founding members included George T.M. Ching, Gerald T. Deal, Dr. Tin Y. Kwong, John R. MacFaden, Thomas Quon, and John F. Varela.<ref> The bank’s headquarters building at 777 N Broadway was designed by architect Eugene Kinn Choy and opened its doors in 1966, embodying the cultural identity of its founders.
Since its foundation, Cathay Bank has experienced consistent growth. Its initial branch outside the headquarters was launched in Monterey Park in 1979, followed by the establishment of a representative office overseas in Hong Kong by 1985. The late 1990s saw geographic expansion with the opening of a loan production office in Houston—which was converted into a full branch by 2000—and entry into the New York market through acquisition of assets from Golden City Commercial Bank.
Cathay Bank’s corporate philosophy includes community engagement through the Cathay Bank Foundation, created in 2002 to support initiatives such as affordable housing and economic development.
In the early part of the new millennium, the bank expanded through mergers and acquisitions: it merged with General Bank in 2003; acquired Great Eastern Bank and New Asia Bank both in 2006; and completed its acquisition of United Heritage Bank in New Jersey during 2007. That same year, the Hong Kong representative office was elevated to full branch status.
In January 2015, Cathay General Bancorp combined with Asia Bancshares, thereby extending its footprint into New York and Maryland markets.
Subsequent strategic growth included acquiring Far East National Bank in 2016 and purchasing HSBC’s West Coast retail operations in 2021—adding roughly $1 billion in deposits and $800 million in loans across branches located in Washington and California.<ref> These transactions have enhanced Cathay’s market position and competitive edge within Asian American banking sectors as well as broader markets.
Acquisitions
- First Public Savings Bank (1996)
- Westminster branch of Lippo Bank (1997)
- New York-based Golden City Commercial Bank's assets (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)