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In 1962, Cathay Bank opened for business with the mission of providing financial services to the growing but underserved Chinese-American community in the greater Los Angeles area, thus becoming the first Chinese-American bank in Southern California. Recognizing that the community it served was part of a more diverse one, Cathay Bank adopted the motto "An Open Door for All." Its rapid expansion was fueled by successive waves of immigration, burgeoning trade between America and Asia, and the economic development of the surrounding community. Since its inception, when it only had $550,000 in capital, Cathay Bank has thrived and is now part of a publicly traded financial institution with stockholder equity of approximately $902 million and total assets of $7.6 billion. Its service network extends from the West Coast to New York and Massachusetts on the Eastern Seaboard, north to the state of Washington, and south to Texas. Overseas, it has a presence in the three important commercial centers in the Asian-Pacific Rim-Taipei, Shanghai, and Hong Kong.
1962 Cathay Bank's 1,000-square-foot storefront office opens in Los Angeles Chinatown as the first Chinese-American commercial bank in California.
1979 Cathay Bank opens its first branch office in Monterey Park to meet the needs of the area's growing number of Asian immigrants.
1984 Cathay Investment Company, a wholly owned subsidiary of Cathay Bank, is formed.
1985 Cathay Bank establishes its first overseas representative office in Hong Kong, providing a direct communication link with its customers in Asia.
1987 Cathay Investment Company establishes an office in Taiwan to help overseas clients make real estate investments in Southern California.
1990 Cathay Bancorp, Inc., is formed as the bank-holding company of Cathay Bank to diversify the Bank's financial products and customer base. On December 14, its shares begin trading on the NASDAQ under the symbol "CATY."
1994 Cathay Bank is designated as a "Ten-Year Continued Premier Performing Bank,"1 placing it among the top six California financial institutions for strength, performance, and safety. Cathay Bank is the only Chinese-American commercial bank among 300 California banks to reach this milestone.
1996 Cathay Bank acquires the Los Angeles-based First Public Savings Bank. The acquisition is a financial milestone, making Cathay Bank, with combined assets of $1.5 billion, the 16th-largest bank in California.
1997 Cathay Bank acquires the deposits of the Lippo Bank's Westminster branch in Orange County, California, bringing the Bank's services to another 700 customers.
1998 Cathay Bank is awarded the "Premier Performing Bank"1 by Findley Reports for exceeding the standards for growth, performance, and financial soundness.
1999 To diversify the Bank's services geographically, Cathay Bank opens its first loan production office in Houston, Texas. The Houston Loan Production Office provides a variety of commercial lending services to meet the varied financial needs of the area's burgeoning Asian population.
The acquisition of certain assets of Golden City Commercial Bank in New York spearheads another new era for the Chinese-American banking industry. Cathay Bank becomes the first local Chinese-American financial institution to offer full banking services in the three largest Asian markets in the U.S.: California, New York, and Texas.
2000 Cathay Bank is designated a "Super Premier Performing Bank"1 - the highest recognition in California's banking industry - placing Cathay Bank in the top ranks for strength, performance, and safety. Cathay Bancorp, Inc., becomes one of the 100 largest financial companies listed on the NASDAQ National Market, based on market capitalization.
Cathay Bank converts its Houston Loan Production Office to a full-service branch.
2001 Cathay Bancorp, Inc., is ranked 25th among the nation's 300 best-performing publicly traded banking companies, and second highest among such companies based in California.
2002 Cathay Bancorp, Inc., is ranked the 8th most efficient bank-holding company among the largest 500 nationwide, and is the highest ranked among such companies based in California.2
Cathay Bank establishes an overseas representative office in Shanghai, China. The new expansion provides Cathay Bank with new market opportunities, and serves as a point of contact with Cathay Bank for customers doing business in China.
To enhance its banking network, Cathay Bank also opens new branches in Sacramento, California, and Brooklyn, New York.
2003 GBC Bancorp merges into Cathay Bancorp, Inc. and General Bank merges into Cathay Bank, creating the largest Asian-American banking corporation - Cathay General Bancorp. Cathay Bank's network now has a presence in the States of California, New York, Massachusetts, Texas, and Washington.
Cathay Bank achieves its 10th consecutive year of double-digit growth.
2004 Cathay General Bancorp is ranked the 11th most efficient bank holding company among the nation's 500 largest, and is the highest ranked among such companies based in California.3
2005 Cathay General Bancorp receives the Honor Roll Award by Keefe, Bruyette & Woods to recognize its achievement of reporting 10 consecutive years of increases in earnings per share.
On October 27, Cathay General Bancorp becomes a member of the Standard & Poor's (S&P) MidCap 400 Index, the first company founded by Chinese-Americans to be included in this group.
Cathay Bank establishes a representative office in Taipei, Taiwan, to further strengthen its overseas presence and to assist customers in their commercial and investment activities in the Asia-Pacific Rim region.
In an effort to expand its service areas, Cathay Bank opens new branches in Seattle, Washington, and Soho, New York.
For four decades, Cathay Bank has built a successful business based on providing excellent service to its primarily Chinese-American community. In the decades to come, Cathay Bank will continue to expand its domestic network. As it gains financial strength and reach, Cathay Bank will be able to reinforce its "Open Doors" policy and bring its brand of service to the neighboring communities where it serves. With its roots firmly in America, its understanding of the culture and business practices of Asia, its vast experience in trade finance, and its extensive correspondent bank relationships, Cathay Bank will become the clear bank of choice for companies doing business between America and Asia, the world's fastest-growing and most powerful economies.
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