Cathay General Bancorp, the holding company for Cathay Bank, is ranked No. 10 on Forbes “America’s Best Banks 2019” list, up two spots from last year and named within the top 20 for four years in a row. Cathay General Bancorp had $16.5 billion in total assets and 17.1% operating revenue growth.
Forbes’ rankings of the 100 largest publicly traded banks in the United States uses data from S&P Global Market Intelligence, including return on average assets, average tangible common equity, common equity Tier 1 ratio, percentage of assets, and operating revenue growth based on regulatory filings through Sept. 30, 2018.
According to Forbes, after three straight quarters of record profitability, the biggest banks in the United States can boast record profits and clean balance sheets. The banking industry saw $62 billion in net income in the third quarter of 2018, up 29% from 2017. For the first time since 2006, there were zero bank failures in 2018.
While there are more than 5,000 banking institutions in the United States, the 100 largest banks have about $13.8 trillion in assets, which represents 78% of all U.S. bank assets.
“We aspire to execute a well-run bank that advances the financial dreams of our customers and provides dependable returns to our stockholders," said Pin Tai, CEO and President of Cathay General Bancorp and Cathay Bank, on being named one of the best rated banks in America. "We are proud of our continued rise in this ranking. The hard work and heart demonstrated by each of our employees is directly responsible for this recognition.”
Being named one of the 10 best banks in America reminds us of our purpose: We open doors to opportunity to help our customers, employees, and communities thrive. We started by serving the Chinese American community in Los Angeles, helping our consumers start businesses, purchase homes, and become part of the communities in which they lived.
Today, Cathay General Bancorp (Nasdaq: CATY) is the holding company for Cathay Bank. Cathay Bank has branch locations in nine U.S. states as well as Hong Kong, and overseas representative offices in Beijing, Shanghai, and Taipei. Even with so much growth, we keep a focus on our customers and their dreams to live their best lives.
We could not do this without the continued support of our customers. Each and every one of you has helped us create a great bank for generations to come. Read more about the list of best banks in America and our place in the rankings.
This article does not constitute legal, accounting or other professional advice. Although the information contained herein is intended to be accurate, Cathay Bank does not assume liability for loss or damage due to reliance on such information.