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Cathay to Vault to Top Slot of U.S.' Asian Bank Niche

L.A. company to pay $431 million in stock and cash for local rival GBC Bancorp.

May 08, 2003|E. Scott Reckard | Times Staff Writer

7. Far East National Bank, Los Angeles: $1.49 billion

8. Nara Bank, Los Angeles, $1.02 billionĂ·

9. Pacific Union Bank, Los Angeles, $940 millionĂ·

10. Standard Savings Bank, Monterey Park, $893 millionĂ·

Sources: Company reports, Federal Deposit Insurance Corp.


Cathay at a glance

With Cathay Bank's purchase of rival GBC Bancorp, the new Cathay General Bancorp would emerge as the nation's largest Asian-focused bank.

Cathay Bank

Founded: 1962

Branches: 12 in Southern California, eight in Northern California, three in New York and one in Houston, plus offices in Hong Kong, Shanghai and Taipei. General would add 21 branches.

Chairman, president and CEO: Dunson K. Cheng

Net income: $12.5 million in the first quarter of 2003, a 10% increase over first quarter 2002.

Assets: $2.9 billion as of March 31



1962: Los Angeles Chinatown storefront becomes first Chinese American community bank in California.

1979: First branch opens in Monterey Park.

1985: Office opens in Hong Kong.

1988: Investment subsidiary opens in Taiwan.

1990: Holding company Cathay Bancorp is created.

1996: First Public Savings Bank is acquired.

1997: Westminster branch of Lippo Bank is acquired.

1999: New York's Golden City Commercial Bank is acquired; lending office is opened in Houston.

2003: GBC Bancorp to be acquired for $450 million in cash and stock.

Source: Cathay Bank

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