In
1962, Cathay Bank opened for business with the mission of providing
financial services to the growing but underserved Chinese-American
community in the greater Los Angeles area, thus becoming the first
Chinese-American bank in Southern California. Recognizing that
the community it served was part of a more diverse one, Cathay Bank
adopted the motto "An Open Door for All." Its rapid
expansion was fueled by successive waves of immigration, burgeoning
trade between America and Asia, and the economic development of the surrounding
community. Since its inception, when it only had $550,000 in
capital, Cathay Bank has thrived and is now part of a publicly traded financial
institution with stockholder equity of approximately $971 million
and total assets of $10.4 billion. Its service network extends from
the West Coast to New York and Massachusetts on the Eastern Seaboard,
north to the state of Washington, and south to Texas. Overseas,
it has a presence in the three important commercial centers in the
Asian-Pacific Rim-Taipei, Shanghai,
and Hong Kong.
MILESTONES:
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| 1962 |
Cathay Bank's 1,000-square-foot storefront office
opens in Los Angeles Chinatown as the first Chinese-American
commercial bank in California.
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| 1979 |
Cathay Bank opens its first branch office in Monterey
Park to meet the needs of the area's growing number of Asian
immigrants.
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| 1984 |
Cathay Investment Company, a wholly owned subsidiary
of Cathay Bank, is formed.
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| 1985 |
Cathay Bank establishes its first overseas representative
office in Hong Kong, providing a direct communication link with
its customers in Asia.
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| 1987 |
Cathay Investment Company establishes an office
in Taiwan to help overseas clients make real estate investments
in Southern California.
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| 1990 |
Cathay Bancorp, Inc., is formed as the bank-holding
company of Cathay Bank to diversify the Bank's financial products
and customer base. On December 14, its shares begin trading
on the NASDAQ under the symbol "CATY."
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| 1994 |
Cathay Bank is designated as a "Ten-Year
Continued Premier Performing Bank,"1 placing
Cathay Bank among the top six California financial institutions
for strength, performance, and safety. Cathay Bank is the only
Chinese-American commercial bank among 300 California banks to
reach this milestone.
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| 1996 |
Cathay Bank acquires the Los Angeles-based First
Public Savings Bank. The acquisition is a financial milestone,
making Cathay Bank, with combined assets of $1.5 billion, the
16th-largest bank in California.
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| 1997 |
Cathay Bank acquires the deposits of the Lippo
Bank's Westminster branch in Orange County, California, bringing
the Bank's services to another 700 customers.
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| 1998 |
Cathay Bank is awarded the "Premier Performing
Bank"1 by Findley Reports for exceeding the standards for
growth, performance, and financial soundness.
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| 1999 |
To diversify the Bank's services geographically,
Cathay Bank opens its first loan production office in Houston,
Texas. The Houston Loan Production Office provides a variety
of commercial lending services to meet the varied financial
needs of the area's burgeoning Asian population.
The acquisition of certain assets of Golden City Commercial
Bank in New York spearheads another new era for the Chinese-American
banking industry. Cathay Bank becomes the first local Chinese-American
financial institution to offer full banking services in the
three largest Asian markets in the U.S.: California, New York,
and Texas.
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| 2000 |
Cathay Bank is designated a "Super Premier
Performing Bank" - the highest recognition in California's
banking industry - placing Cathay Bank in the top ranks for strength,
performance, and safety.
Cathay Bancorp, Inc., becomes one of
the 100 largest financial companies listed on the NASDAQ National
Market, based on market capitalization.
Cathay Bank converts its Houston Loan Production Office to a full-service branch.
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| 2001 |
Cathay Bancorp, Inc. is ranked 25th among the
nation's 300 best-performing publicly traded banking companies,
and second highest among such companies based in California.
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| 2002 |
Cathay Bancorp, Inc., is ranked the 8th most
efficient bank-holding company among the largest 500 nationwide,
and is the highest ranked among such companies based in California.2
Cathay Bank establishes an overseas representative office in
Shanghai, China. The new expansion provides Cathay Bank with
new market opportunities, and serves as a point of contact with
Cathay Bank for customers doing business in China.
To expand its banking network, Cathay Bank opens new branches in
Sacramento, California, and Brooklyn, New York.
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| 2003 |
GBC Bancorp merges into Cathay Bancorp, Inc. and
General Bank merges into Cathay Bank, creating the largest
Asian-American banking corporation - Cathay General Bancorp.
Cathay Bank's network now has a presence in the States of
California, New York, Massachusetts, Texas, and Washington.
Cathay Bank achieves its 10th consecutive year of double-digit
growth.
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| 2004 |
Cathay General Bancorp is ranked the 11th most
efficient bank holding company among the nation's 500 largest,
and is the highest ranked among such companies based in
California.3
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| 2005 |
Cathay General Bancorp receives the Honor Roll
Award by Keefe, Bruyette & Woods to recognize its
achievement of reporting 10 consecutive years of increases in
earnings per share.
On October 27, Cathay General Bancorp becomes a member of the
Standard & Poor's (S&P) MidCap 400 Index, the first
company founded by Chinese-Americans to be included in this
group.
Cathay Bank establishes a representative office in Taipei,
Taiwan, to further strengthen its overseas presence and to
assist customers in their commercial and investment activities
in the Asia-Pacific Rim region.
In an effort to expand its service areas, Cathay Bank opens
new branches in Seattle, Washington, and Soho, New York.
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| 2006 |
Cathay Bank purchased Great Eastern Bank in New
York and New Asia Bank in Illinois.
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WHAT'S AHEAD...
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For four decades, Cathay Bank has built a successful business
based on providing excellent service to its primarily Chinese-American
community. In the decades to come, Cathay Bank will continue
to expand its domestic network. As it gains financial strength
and reach, Cathay Bank will be able to reinforce its "Open
Doors" policy and bring its brand of service to the neighboring
communities where it serves. With its roots firmly in America,
its understanding of the culture and business practices of
Asia, its vast experience in trade finance, and its extensive
correspondent bank relationships, Cathay Bank will become
the clear bank of choice for companies doing business between
America and Asia, the world's fastest-growing and most powerful
economies.
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1. Source: Findley
Reports, Anaheim, California, is a recognized bank research
and rating firm since 1968.
2. Source: American Banker, February 20, 2003.
3. Source: American Banker, June 23, 2005. |
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