Cathay Bank Rates & Review

Cathay Bank Review

Cathay Bank is an award-winning bank that serves the Chinese-American community and has a presence in both America and Asia.

Cathay Bank, headquartered in Los Angeles, opened its doors in 1962 as the first Chinese-American bank in Southern California. With a focus on providing financial assistance to Chinese Americans, the bank grew significantly over the years. It opened its first overseas office in Hong Kong in 1985. Cathay Bank now has branches across the United States and also has a presence in several major Asian cities.

Recognitions

Cathay Bank has received numerous awards over the years. In 1994 it became the only Chinese-American bank out of 300 California banks to become a Ten-Year Continued Premier Performing Bank. By 2000, it was named a Super Premier Performing Bank, the highest possible ranking of a California bank. The following year it was ranked No. 25 out of 300 best performing publicly traded banking companies and No. 2 in the state of California. Three years later it was No. 11 out of 500 and No. 1 in the state.

Banking products

Cathay Bank offers a wide selection of products for personal, business and commercial customers. Standard products include a checking account, a savings account, a money market account, an IRA and a CD. Although anyone an open an account at this FDIC member bank, the focus market is Chinese Americans, especially those doing business between America and China.

Banking services

In addition to its products, Cathay Bank offers numerous services. One major focus is wealth management services including both investment and insurance. Another focus is lending, including everything from personal auto loans to large scale construction financing. Additional services include online banking, credit and debit cards, foreign currency exchange and commercial cash management services.