Cathay General Bancorp (Nasdaq: CATY) ranked #10 on Forbes’ America’s Best Banks 2023 list.
“We are thrilled to rank in the top 10 on the Forbes list. We aspire to achieve a well-run bank that advances the financial dreams of our clients and provides dependable returns to our stockholders,” said Cathay Bank President and Chief Executive Officer, Mr. Chang M. Liu. “The hard work and heart demonstrated by each of our team members and the continued support of our clients are directly responsible for this recognition.”
To be named as one of the 10 best banks in America reminds us of our purpose: We open doors to opportunity to help our clients, team members, and communities thrive.
Last year, with the Federal Reserve interest rate hikes on top of an already slowing economy, we had to navigate unusual economic conditions in 2022. According to Forbes, U.S. banks generated around $260 billion in net income in the 12 months through September 2022, or a 6% decline compared to last year, according to data from the Federal Deposit Insurance Corp. Moreover, small community banks around the country continue to thrive, with 96% of all FDIC-insured institutions still profitable.
Since 2009, Forbes has ranked the 100 largest U.S. banks and thrifts by assets, using S&P Global Market Intelligence data. The Forbes’ 14th annual America’s Best Banks list looks at growth, credit quality, and profitability to rank the 100 largest (by assets) publicly-traded banks and thrifts from best to worst.
Cathay General Bancorp (Nasdaq: CATY) is the holding company for Cathay Bank. We operate in nine states, with branch locations in California, New York, Washington, Illinois, Texas, Maryland, Massachusetts, Nevada, and New Jersey, and overseas, with a branch in Hong Kong and representative offices in Beijing, Shanghai, and Taipei.
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.