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Cathay Bank history
Cathay Bank company history timeline
Cathay Bank was founded on April 19, 1962 and has been serving the financial needs of their customers for over 59 years.
The Cathay Bank was instrumental in financing apartments in Chinatown in the years following 1965.
Chan hired Eugene Kinn Choy, an architect responsible for many prominent buildings in Chinatown, to design the new bank's headquarters, which opened in 1966 at 777 N Broadway.
Cathay Commercial Bank (CCB) was originally founded as the Diyi Xintuo Touzi Gufen Youxian Gongsi [First Trust and Investment Co., Ltd.] which established in June 1971.
East-West Federal Bank became the first federally-chartered savings institution in 1973.
A total of 17 national and regional overseas Chinese leaders as well as 17 members of The Bankers Association of Taipei provided 50% of the investment shares to establish UWCCB. In May 1974, the Conference of Sponsors was convened, creating a bank with an approved capital sum of US$ 12 million.
In 1974, the first federally-chartered Asian American bank, Far East National Bank, was founded.
10, Yongsui Street, Taipei City formally opened for business on 20 May 1975.
In October 1977, Jack Lee and others co-founded First Public Savings and Loan Association.
In 1979 it opened its first branch office in Monterey Park.
Its first overseas representative office in Hong Kong was opened in 1985.
The reelection of the entire board of directors and election of Chen-yu Tsai as Chairperson of the Board in 1993 served as a turning point for this Company.
Cathay United Bank later acquired Huaqiao Xintuo Touzi Gufen Youxian Gongsi [Overseas Chinese Trust and Investment Co., Ltd.] on 17 April 1995.
Tsai initiated the 5-Year Reformation Program and successfully renamed the Company as Huitong Shangye Yinhang Gufen Youxian Gongsi [Huitong Commercial Bank Co., Ltd.] on 16 November 1998.
Cathay Bank was founded in 1998 to break paradigms, showing that business and trade development between Costa Rica and Asian countries was more than a dream.
Expansion to New York occurred in 1999 with the acquisition of certain assets of Golden City Commercial Bank.
Both Cathay Commercial Bank (CCB) and United World Chinese Commercial Bank (UWCCB) joined Cathay Financial Holdings Co., Ltd. in 22 April 2002 and 18 December 2002 respectively, becoming two wholly-owned subsidiary banks under Cathay Financial Holdings.
Cathay United Bank was later renamed as Cathay Commercial Bank (CCB) on 3 July 2002.
The reference date for the merger was 27 October 2003.
In 2003, branch offices were opened in Boston, Massachusetts, and Kent, Washington.
Cathay also acquired New Asia Bank in 2006.
On March 30, 2007, Cathay expanded into New Jersey when it completed its acquisition of United Heritage Bank.
Further growth was achieved by accepting specific asset debt balances and operations of Zhonglian Xintuo on 29 December 2007.
In 2007, Cathay Bank converted its Hong Kong Representative office into a full-service branch.
On January 21, 2015, Cathay General Bancorp, the holding company for Cathay Bank, and Asia Bancshares, the holding company for Asia Bank, N.A., announced that they had entered into a definitive agreement for the merger of Asia Bancshares into Cathay.
On July 8, 2016, Cathay announced plans to acquire Far East National Bank.
On May 26, 2021, Cathay entered into an agreement with HSBC Bank USA, N.A. to purchase HSBC's retail operations on the West Coast, including 10 branches in Washington and California.
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Cathay Bank competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Access Bank | - | $298.0M | 28,121 | - |
| Preferred Bank | 1991 | $921.5M | 120 | 22 |
| First Northern Bank | 1910 | $56.7M | 230 | 9 |
| First Harrison Bank | 1891 | $39.0M | 221 | - |
| National Bankshares | 1891 | $51.2B | 218 | - |
| Citi | 1812 | $74.3B | 210,000 | 1,150 |
| Green Dot | 1999 | $1.7B | 1,200 | 107 |
| Bank of the West | 1874 | $2.8B | 9,261 | - |
| HSBC Bank | 1880 | $5.2B | 15,650 | 39 |
| First Republic Bank | 1985 | $2.3B | 6,295 | - |
Cathay Bank history FAQs
Zippia gives an in-depth look into the details of Cathay Bank, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Cathay Bank. The employee data is based on information from people who have self-reported their past or current employments at Cathay Bank. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Cathay Bank. The data presented on this page does not represent the view of Cathay Bank and its employees or that of Zippia.
Cathay Bank may also be known as or be related to CATHAY GENERAL BANCORP, Cathay Bank, Cathay General Bancorp and Cathay Holdings LLC.