Dear Cathay Bank Client,
This past weekend, banking regulators seized First Republic Bank and sold it to JPMorgan Chase.
In light of this recent turn of events, we want to assure you that with more than 60 years of sound, prudent operations, Cathay Bank is in a strong financial position and that your deposits with us are secure. Cathay Bank’s deposit base is much more granular and is well-diversified in consumer and- small-medium businesses. 96% of our deposit accounts have less than $250,000 in balance and are well within the FDIC insured limit.
This diversification reduces our exposure to any one client or industry. It helps ensure that Cathay Bank is well positioned to serve you even as economic conditions change. This prudent approach has served us well for over 60 years and is a core part of our plan to help our clients for the next 60 years and beyond.
Cathay Bank has a strong balance sheet, ample access to cash, reliable access to capital, and a disciplined approach to managing risk.
You can continue to bank with us knowing your money is safe. We thank you for trusting us for your banking needs, and we look forward to continuing to serve as your Bank of choice. Please do not hesitate to reach out to your usual Cathay Bank representative if there is anything we can do to assist you.
Chang M. Liu
President & Chief Executive Officer
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.