- Cathay Bank
Infobox_Company
company_name = Cathay Bank
company_
company_type = Subsidiary (of Cathay General Bancorp, nasdaq|CATY)
company_slogan = An Open Door for All
foundation = Los Angeles, CA (1962 )
location = Los Angeles, CA
key_people =Dunson K. Cheng ,Chairman ,President & CEOPeter Wu , COO & Executive Vice Chairman
num_employees = 1,156
industry =Finance and Insurance
products =Banking
revenue = $642.8 million USD (profit $125.5M FY 2007)
homepage = [http://www.cathaybank.com www.cathaybank.com]
Cathay Bank (Chinese: 國泰銀行) is a
Chinese-American bank based in Los Angeles,California . Founded in1962 , it has since expanded its network throughout California and intoMassachusetts ,New York ,Texas ,Washington ,Illinois , andNew Jersey . Additionally, it has representative offices inHong Kong ,Shanghai andTaipei .History
Cathay Bank first opened in 1962 in Los Angeles' Chinatown as the first Chinese-American bank in California. In
1979 it opened its first branch office in Monterey Park. Its first overseas representative office in Hong Kong was opened in 1985.In 1999, Cathay expanded beyond California by opening a loan production office in
Houston, Texas , which was converted to a full service branch in 2000. Expansion to New York occurred in 1999 with the acquisition of certain assets of Golden City Commercial Bank.In 2003, branch offices were opened in
Boston, Massachusetts andKent, Washington . Cathay merged with General Bank in 2003. In 2006, Cathay prevailed in a bidding war withUnited Commercial Bank to acquire Great Eastern Bank. Cathay also acquired New Asia Bank in 2006.On March 31, 2006 announced plans to acquire a 20% stake in First Sino Bank, but the deal fell through due to the companies failing to get approval from the Chinese government [cite news | first = Evelyn | last = Irtani | title=California bank goes after China | url=http://www.latimes.com/business/la-fi-bank28mar28,1,6593796.story | work=Los Angeles Times | date=2007-03-28 | accessdate=2007-03-29 ] . On March 30, 2007, Cathay expanded into New Jersey when it completed its acquisition of United Heritage Bank.Acquisitions
* First Public Savings Bank (1996)
* Lippo Bank's Westminster branch (1997)
* Certain assets of Golden City Commercial Bank in New York (1999)
* General Bank (2003)
* Great Eastern Bank (2006)
* New Asia Bank (2006)
* United Heritage Bank (2007)References
External links
* [http://www.cathaybank.com Cathay Bank homepage]
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