Type Public Key people Dunson K. Cheng Founded 2012 | Industry Bank Website [1] Number of employees 1,092 | |
Net income $28.8 Million USD (2013 first quarter) Stock price CATY (NASDAQ) US$ 39.48 +0.04 (+0.10%)3 Mar, 4:00 PM GMT-5 - Disclaimer Headquarters Los Angeles, California, United States Subsidiaries Cathay Bank, Cathay Capital Trust III | ||
Cathay General Bancorp is a corporation that was organized in 1990 under the laws of the State of Delaware. They are the holding company of Cathay Bank, a California state-chartered commercial bank (“Cathay Bank” or the “Bank”), six limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner, and GBC Venture Capital, Inc. They also own 100% of the common stock of five statutory business trusts created for the purpose of issuing capital securities.
Contents
Business of the Bank
Cathay Bank was incorporated under the laws of the State of California on August 22, 1961, was licensed by the DFI (previously known as the California State Banking Department) and commenced operations as a California state-chartered bank on April 19, 1962. Cathay Bank is an insured bank under the Federal Deposit Insurance Act by the FDIC, but it is not a member of the Federal Reserve.
The Bank’s head office is located in the Chinatown area of Los Angeles, at 777 North Broadway, Los Angeles, California 90012. In addition, as of December 31, 2012, the Bank had branch offices in Southern California (20 branches), Northern California (11 branches), New York (eight branches), Massachusetts (one branch), Texas (two branches), Washington (three branches), Illinois (three branch locations and one drive-through location), New Jersey (one branch), and Hong Kong (one branch) and a representative office in Shanghai and in Taipei. Deposit accounts at the Hong Kong branch are not insured by the FDIC. Each branch has loan approval rights subject to the branch manager’s authorized lending limits. Current activities of the Shanghai and Taipei representative offices are limited to coordinating the transportation of documents to the Bank’s head office and performing liaison services.
Their primary market area is defined by the Community Reinvestment Act delineation, which includes the contiguous areas surrounding each of the Bank’s branch offices. It is the Bank’s policy to reach out and actively offer services to low and moderate income groups in the delineated branch service areas. Many of the Bank’s employees speak both English and one or more Chinese dialects or Vietnamese, and are thus able to serve the Bank’s Chinese, Vietnamese, and English speaking customers.
As a commercial bank, the Bank accepts checking, savings, and time deposits, and makes commercial, real estate, personal, home improvement, automobile, and other installment and term loans. From time to time, the Bank invests available funds in other interest-earning assets, such as U.S. Treasury securities, U.S. government agency securities, state and municipal securities, mortgage-backed securities, asset-backed securities, corporate bonds, and other security investments. The Bank also provides letters of credit, wire transfers, forward currency spot and forward contracts, traveler’s checks, safe deposit, night deposit, Social Security payment deposit, collection, bank-by-mail, drive-up and walk-up windows, automatic teller machines (“ATM”), Internet banking services, and other customary bank services.
The Bank primarily services individuals, professionals, and small to medium-sized businesses in the local markets in which its branches are located and provides commercial mortgage loans, commercial loans, Small Business Administration (“SBA”) loans, residential mortgage loans, real estate construction loans, equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.
Through Cathay Wealth Management, the Bank provides its customers the ability to trade securities online and to purchase mutual funds, annuities, equities, bonds, and short-term money market instruments. All securities and insurance products provided by Cathay Wealth Management are offered by, and all Financial Consultants are registered with, Cetera Financial Services, a registered securities broker/dealer and licensed insurance agency and member of the Financial Industry Regulatory Authority and Security Investor Protection Corporation. Cetera Financial Services and Cathay Bank are independent entities. These products are not insured by the FDIC.
Contact
Their principal place of business is currently located at 777 North Broadway, Los Angeles, California 90012, and their telephone number at that location is (213) 625-4700. In addition, certain of our administrative offices are located in El Monte, California, and their address there is 9650 Flair Drive, El Monte, California 91731. Their common stock is traded on the NASDAQ Global Select Market and our trading symbol is “CATY”.
News
″Cathay General Bancorp Moves Up In Market Cap Rank, Passing Lexmark International″ by DividendChannel.com
"In the latest look at stocks ordered by largest market capitalization, Russell 3000 component Cathay General Bancorp (NASD: CATY) was identified as having a larger market cap than the smaller end of the S&P 500, for example Lexmark International, Inc. (NYSE: LXK), according to The Online Investor. Click here to find out the top S&P 500 components ordered by average analyst rating »
Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company’s stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true “apples-to-apples” comparison of the value of two stocks. In the case of Cathay General Bancorp (NASD: CATY), the market cap is now $1.56B, versus Lexmark International, Inc. (NYSE: LXK) at $1.52B."
Reviews
"Cathay General Bancorp Q2 net income down" by BBR staff writer, published 25 July 2008.
"Cathay General Bancorp has reported earnings of $19.2 million for the second quarter of 2008, down $11.4 million, or 37.1%, compared to earnings of $30.6 million in the same quarter of 2007.
Return on average assets was 0.73% for the quarter ended June 30, 2008, as against 1.40% for the comparable quarter a year ago. Return on average assets excluding the $3.4 million impairment charge was 0.86% for the quarter ended June 30, 2008. Return on average stockholders' equity was 7.66% for the quarter, compared to 13.13% for the same quarter of 2007. Gross loans increased by $408.9 million, or 5.9%, to $7.3 billion for the quarter from $6.9 billion at March 31, 2008. Likewise, total deposits increased by $453.5 million, or 7.2% to $6.7 billion from $6.3 billion at March 31, 2008. Dunson Cheng, chairman, CEO, and president of Cathay General Bancorp, said: We are pleased with the strong operating results for the second quarter of 2008. As we have demonstrated through many recessions before, by remaining vigilant on credit quality while serving our loyal customers, we are optimistic that we shall emerge from this slowdown stronger and better positioned in our marketplace."