Cathay Bank

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Cathay Bank

Type of Company	Public (NASDAQ: CATY)
Founded	Los Angeles, CA (1962)
Headquarters	Los Angeles, CA
Key people	Dunson K. Cheng, Chairman, President & CEO Peter Wu, COO & Executive Vice Chairman
Industry	Finance and Insurance
Products	Banking
Revenue	$373.1 million USD ( $104.1M FY 2005)
Employees	900
Slogan	An Open Door for All
Website	www.cathaybank.com

Cathay Bank 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, and New Jersey (pending the acquisition of United Heritage Bank). Additionally, it has representative offices in Hong Kong, Shanghai and Taipei.

[edit] History

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 has announced plans to acquire United Heritage Bank and a 20% stake in First Sino Bank.