December 7, 1994 |
Executive Exchange: Several Orange County savings and loans have changed top executives and are rethinking their business strategies. Universal Savings Bank in Orange hired veteran thrift operator Kellogg Chan as its chairman and president. Chan built East-West Federal Bank in Los Angeles from an S&L with $25 million in loans and other assets in 1979 to a regional concern with $1.3 billion in assets by the time he retired in 1992. Universal's owner, Taiwanese businessman J.S.
March 23, 1995 |
The Taiwanese investor received three words of advice about how to turn around the ailing savings bank he had just bought: Hire Kellogg Chan. In Chinese banking circles in Southern California, the Chan family has the same recognition as the Rockefellers. Back in the early 1960s, Chan's father, F. Chow Chan, had done battle with skeptical state regulators to obtain a charter for Cathay Bank, the first commercial bank in Chinatown. In 1973, F.
September 24, 1990 |
In the Alhambra branch of Eastern International Bank, signs of its Chinese roots are everywhere. Bright red posters with Chinese characters adorn the walls. Tellers and customers freely converse in Mandarin, Cantonese and Fujianese, the dialect spoken in Fujian province and Taiwan. Outside, restaurants, bookstores and grocery stores line a busy stretch of Valley Boulevard in the western San Gabriel Valley, a haven for one of the nation's fastest-growing Chinese-American communities.
November 9, 1987 |
In February, 1986, American International Bank opened a branch in an Alhambra office abandoned as unprofitable by Bank of America. The new branch was in the black in two months, and its $40 million in deposits are now more than half of the bank's total. How could a small, fairly new bank make a go of it in the very building where the state's biggest bank failed? Part of the answer lies in scale.
January 11, 1990 |
Others may look at a map of Kearny Mesa and see nothing more than a grid work of streets, retail centers and industrial complexes. Grover Fang, however, sees a golden opportunity for a bank that caters to the needs of Asian-Americans, particularly recent immigrants from Southeast Asia who are frustrated by U.S. banking rules and customs that they have difficulty comprehending.
September 8, 1988 |
Federal regulators are peddling insolvent savings and loans across the nation as fast as they can, but they have been slow to approve mergers or acquisitions involving some healthier institutions. And even though this week's agreement to sell American Savings to the Robert M. Bass Group of Ft. Worth eliminates the industry's biggest headache, the deal isn't likely to shorten the long waits facing some investors who want to buy solvent S&Ls.