Cathay Bank
A Chinese-American commercial bank serving consumers, businesses, and communities through a U.S. branch network and selected Asian offices.
Last updated August 22, 2026
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Overview
Cathay Bank is a Chinese-American commercial bank founded in 1962 in Los Angeles. It was established by Fung Chow Chan and a group of community investors after Chan encountered difficulty obtaining a home loan as an immigrant. The bank was created to provide accessible financial services to Chinese-American customers and other underserved residents of Southern California, while operating as a regulated commercial bank rather than the savings-and-loan institution that the organizers initially sought to establish. The bank began operations as one of the first banks owned and operated primarily by Chinese Americans to serve the Southern California Chinese-American community. Its original identity combined conventional banking with a strong community orientation. Cathay later developed a broader customer base, serving individuals, small businesses, commercial borrowers, real-estate owners, and larger enterprises. Its services include consumer and business deposit accounts, residential and commercial lending, international banking, treasury and cash-management services, and wealth-management-related offerings. Cathay's historic headquarters opened in 1966 at 777 North Broadway in Los Angeles Chinatown. The building, designed by architect Eugene Kinn Choy, incorporated modern architectural elements with visual references to the cultural heritage of the bank's founders. Cathay opened its first branch in Monterey Park in 1979 and began developing an international presence with a Hong Kong representative office in 1985. The Hong Kong operation was later converted into a full-service branch, while representative offices were established in mainland China and Taiwan. From the 1990s onward, Cathay pursued geographic expansion and consolidation in the U.S. banking market. It acquired or absorbed institutions and selected assets including First Public Savings Bank, Lippo Bank's Westminster branch, assets of Golden City Commercial Bank, General Bank, Great Eastern Bank, New Asia Bank, United Heritage Bank, Asia Bank, N.A., and Far East National Bank. The bank also expanded into states such as Texas, New York, Massachusetts, Washington, New Jersey, Nevada, Maryland, Illinois, and other markets with significant commercial and Asian-American communities. Cathay Bank operates as a principal subsidiary of Cathay General Bancorp, a publicly traded bank holding company whose common stock trades on Nasdaq under the symbol CATY. Its business remains centered on relationship banking, commercial real estate and business finance, retail deposits, and cross-border services. In 2021, Cathay agreed to purchase selected HSBC Bank USA West Coast retail operations, including branches in California and Washington, strengthening its deposit and loan presence in those markets. The bank also established the Cathay Bank Foundation in 2002 to support affordable housing, community and economic development, and education. Its present brand combines mainstream U.S. banking capabilities with a longstanding connection to Chinese-American and other multicultural communities.
History
Cathay Bank grew out of the civic and financial experience of Fung Chow Chan, a Chinese immigrant who came to Los Angeles from Guangdong in 1933. Chan and his wife, Wai Hing, operated Phoenix Bakery in Los Angeles Chinatown. After Chan was denied a home loan because of his immigrant status, he organized local business and community leaders around the idea of creating a financial institution that would serve Chinese Americans more fairly. The organizers initially pursued a savings-and-loan charter, but repeated applications were unsuccessful. They eventually applied for a commercial bank charter and received approval on May 5, 1961. Cathay Bank began operations in 1962, becoming one of the earliest banks owned and operated primarily by Chinese Americans to serve Southern California's Chinese-American population. Chan's fellow founders included George T. M. Ching, Gerald T. Deal, Dr. Tin Y. Kwong, John R. MacFaden, Thomas Quon, and John F. Varela. Cathay's early development was closely linked to Los Angeles Chinatown. Its purpose was not limited to ethnic community banking: the bank provided ordinary commercial banking services, but its cultural familiarity and community relationships helped it reach customers who had faced barriers in established financial institutions. In 1966, the bank moved into a purpose-built headquarters at 777 North Broadway. Architect Eugene Kinn Choy designed the building in an International Modern style, incorporating references to Chinese heritage into its roofline and facade. The bank opened its first branch in Monterey Park in 1979. It began its international expansion in 1985 with a representative office in Hong Kong. Over time, Cathay added representative offices in Shanghai, Beijing, and Taipei, and the Hong Kong office became a full-service branch in 2007. These operations supported customers and businesses with connections between the United States and Asian markets, although the bank's principal franchise remained U.S.-based. During the 1990s and 2000s, Cathay moved from a predominantly Southern California institution toward a nationwide specialty commercial bank. It acquired First Public Savings Bank in 1996, the Westminster branch of Lippo Bank in 1997, and selected assets of Golden City Commercial Bank in New York in 1999. A Houston loan production office opened in 1999 and became a full-service branch in 2000. Cathay merged with General Bank in 2003 and opened branches in Boston and Kent, Washington, that same year. In 2006 it acquired Great Eastern Bank and New Asia Bank, followed by United Heritage Bank in 2007. Cathay continued expanding through acquisitions in the following decade. In 2015, Cathay General Bancorp announced the combination of Asia Bancshares, the holding company of Asia Bank, N.A., with Cathay. The transaction strengthened the bank's New York presence and added Maryland to its operating footprint. Cathay announced a plan to acquire Far East National Bank in 2016, with the transaction contributing to its commercial and Asian-American banking capabilities. The bank's holding company, Cathay General Bancorp, is publicly traded under the Nasdaq ticker CATY. Cathay also institutionalized its community role through the Cathay Bank Foundation, established in 2002 to support affordable housing, community and economic development, and education. In 2021, Cathay agreed to buy selected HSBC Bank USA West Coast retail operations, including ten branches in California and Washington, along with approximately $1 billion of deposits and $800 million of loans. The transaction illustrated Cathay's continuing strategy of combining organic growth with targeted acquisitions. Today, Cathay Bank remains an active U.S. commercial bank with a multicultural customer base, a broad domestic network, and selected Asian operations.
- 2021
HSBC West Coast retail operations agreement
[1]Cathay agreed to purchase selected HSBC retail branches, deposits, and loans in California and Washington.
- 2015
Asia Bancshares combination announced
[1]Cathay General Bancorp announced the merger of Asia Bancshares into the Cathay organization.
- 2002
Cathay Bank Foundation established
[1]The foundation was created to support affordable housing, community and economic development, and education.
- 1985
Hong Kong representative office opens
[1]Cathay established its first overseas representative office in Hong Kong.
- 1979
First Monterey Park branch opens
[1]Cathay expanded its Southern California branch network with a location in Monterey Park.
- 1966
New Chinatown headquarters opens
[1]The bank opened its purpose-built headquarters at 777 North Broadway in Los Angeles Chinatown.
- 1962
Cathay Bank begins operations
[1]Cathay began banking operations in Los Angeles as a Chinese-American-owned commercial bank serving Southern California.
- 1961
Commercial bank charter approved
[1]Cathay's organizers received a commercial bank charter on May 5 after earlier efforts to establish a savings-and-loan institution had been rejected.
Products and positioning
A relationship-oriented U.S. commercial bank with historical roots in Chinese-American communities, a multicultural customer focus, and capabilities spanning consumer, business, commercial real-estate, and international banking.
Consumer banking
Retail banking
Cathay provides consumer deposit and everyday banking services through its U.S. branch network and digital channels. The retail franchise supports checking and savings relationships, certificates of deposit, consumer lending, residential finance, and other personal banking needs. Its historic community orientation is reflected in its concentration in metropolitan areas with substantial Asian-American and immigrant populations, while the product set is designed for a broad U.S. customer base.
Business banking
Commercial banking
Commercial banking is a central part of Cathay's franchise. The bank serves small and midsize businesses, privately held companies, entrepreneurs, and larger commercial customers with business deposits, credit facilities, working-capital finance, treasury services, and relationship-based advisory support. Its geographic and cultural links help it serve companies operating across U.S. and Asian commercial networks.
Commercial lending
Commercial real-estate lending
Cathay offers financing connected with commercial property ownership and development, including loans for income-producing real estate and related businesses. Commercial real-estate finance has historically been an important component of the bank's broader commercial-banking model, alongside other business credit products and deposit services.
Cross-border banking · 1985
International banking
Cathay's international platform includes a full-service Hong Kong branch and representative offices associated with mainland China and Taiwan. These operations support cross-border relationships, trade and investment connections, and customers whose financial activity spans the United States and Asian markets. The international business complements, rather than replaces, the bank's primarily U.S.-based branch and lending franchise.
Wealth services
Wealth management
Cathay's broader service offering includes wealth-management-related capabilities for individuals and businesses. These services complement deposit, lending, and relationship-banking products, although the available reference material does not specify a complete list of investment products or the structure of the relevant business.
Brand decisions
2021
Purchase of selected HSBC West Coast retail operationsM&ABackground
Cathay pursued additional scale in California and Washington and sought to expand its consumer deposit and branch platform.
Action taken
Cathay entered an agreement with HSBC Bank USA to acquire ten West Coast branches and approximately $1 billion in deposits and $800 million in loans.
Aftermath
The agreement strengthened Cathay's retail presence in Washington and California and added customers and balances to its existing commercial and community-banking network.
Deposits and loans included in the proposed transaction. Approximately $1 billion in deposits and approximately $800 million in loans (2021 announced transaction)
2006
Planned minority investment in First BankM&ABackground
Cathay sought to deepen its Asian banking relationships by acquiring a 20 percent stake in First Bank.
Action taken
Cathay announced the proposed investment on March 31, but the transaction did not proceed because the companies did not obtain approval from the Chinese government.
Aftermath
The planned investment fell through, while Cathay continued its expansion through U.S. bank acquisitions and other forms of network development.
Recent events
Cathay Bank agrees to acquire 10 HSBC branches and related West Coast retail banking assets[4]
Reported:
Cathay Bank agreed to acquire 10 HSBC retail branches in California and certain loans and deposits related to HSBC's West Coast consumer and retail commercial banking businesses. The transaction was expected to close in the first quarter of 2022, subject to regulatory approval.
HSBC agrees to sell portions of its US business[5]
Reported:
HSBC said it had agreed to sell parts of its US business to Citizens Bank and Cathay Bank, and announced plans to sell 90 of its 148 branches, with a further 35 to 40 branches planned for sale later.
Cathay Bank launches Smart Relief Loan Program[6]
Reported:
Cathay Bank announced the launch of its $2 million Smart Relief Loan Program, offering qualifying small businesses initially located in Los Angeles County short-term loans ranging from $5,000 to $10,000.
Sources9 sources
- 1Cathay Banken.wikipedia.org
- 2Cathay Bank corporate websitecathaybank.com
- 3Chinese-American Banking and Community Development in Los Angeles Countydoi.org
- 4国泰银行同意收购汇丰银行10家分行及相关西岸零售银行资产prnasia.com
- 5汇丰同意出售部分美国业务chinatimes.com
- 6Cathay Bank 推出 Smart Relief Loan Programprnewswire.com
- 7國泰銀行收購美國滙豐銀行10家分行 8億美元貸款+10億存款 等待監管批准ettvamerica.com
- 8汇丰宣布退出美国大众市场零售银行业务zaobao.com.sg
- 9汇丰宣布退出美国零售银行业务 将重心进一步转向亚洲finance.sina.com.cn
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