Omni Bank (California)

From Wikipedia, the free encyclopedia

Omni Bank

Type	Private
Founded	Alhambra, CA (1979)
Headquarters	Los Angeles County, California, Orange County, California and San Jose, California
Key people	Cary Ching, CEO
Industry	Finance and Insurance
Products	Banking
Website	www.omnibankna.com

Omni Bank (安利銀行) is an overseas Chinese bank in the United States. Headquartered in Alhambra, California, with branch offices in Irvine, California, Monterey Park, California, Rowland Heights, California, and San Jose, California, this privately-held community bank was first established in 1979. This California based overseas Chinese bank is not the Omni Bank headquartered in Houston, Texas founded in 1954.

The bank was originally established to accommodate the influx of Taiwanese immigrants which started in the late 1970’s. The original headquarters of the bank, Monterey Park, California, was nicknamed as ‘’’Little Taipei’’’ back then, due to the fact that many Taiwanese immigrants settled in the city. Gradually, the bank expanded its operations into Silicon Valley by opening its branch office in San Jose, California.

On April 1, 1990, by way of a tender offer, 96% of the controlling interest of Omni’s outstanding stock was purchased by the Wang family, which controls and operates the China Rebar Group, a well-known conglomerate in Taiwan. As of September 2006, the assets of the bank are $182,000 USD according to Federal Deposit Insurance Corporation.

On January 5, 2007, the Republic of China government on Taiwan announced it would take over two banks under the China Rebar Group, which is the parent company of Omni Bank. 15 billion New Taiwan Dollars were withdrawn in just one day during runs on the bank.