Cathay Bank
From Wikipedia, the free encyclopedia
| Cathay Bank | |
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| Type | Subsidiary (of Cathay General Bancorp, 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 | $642.8 million USD (▲ $125.5M FY 2007) |
| Employees | 1,156 |
| Website | www.cathaybank.com |
Cathay Bank (Chinese: 國泰銀行) 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. Additionally, it has representative offices in Hong Kong, Shanghai and Taipei.
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[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.
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 [1]. On March 30, 2007, Cathay expanded into New Jersey when it completed its acquisition of United Heritage Bank.
[edit] Acquisitions
- 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)
[edit] References
- ^ Irtani, Evelyn. "California bank goes after China", Los Angeles Times, 2007-03-28. Retrieved on 2007-03-29.
