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Cathay General Bancorp (NASDAQ: CATY) is a publicly traded bank holding company, best known for its flagship subsidiary, Cathay Bank. Established in 1962, Cathay Bank was the first Chinese-American bank in Southern California, founded with a mission to provide financial services to the Chinese-American community in the Greater Los Angeles area. Over the decades, it has grown to serve a more diverse clientele, adopting the inclusive motto, "An open door for all."
Today, Cathay General Bancorp boasts a comprehensive service network that stretches from the West Coast to New York and Massachusetts, reaching north to Washington State and south to Texas. Internationally, the bank has established a presence in major Asian-Pacific commercial hubs, including Hong Kong, Taipei, and Shanghai.
Core Business
Cathay Bank primarily caters to the financial needs of individuals, professionals, and small to medium-sized businesses. Their offerings include checking and deposit services, lines of credit, commercial and commercial real estate loans, merchant services, payment processing, and treasury management. With a strong focus on the Chinese-American community, the bank also actively reaches out to low-to-moderate income groups within its service areas.
Wealth Management Services
Through its Wealth Management unit, Cathay Bank provides a wide array of investment products and services. Clients have access to stocks, bonds, mutual funds, insurance products, annuities, and advisory services. This diversification allows the bank to meet the financial planning needs of its clients effectively.
Recent Achievements and Projects
In recent years, Cathay General Bancorp has shown robust financial health and steady growth. The bank continues to explore new opportunities for expansion and development, both domestically and internationally. Its strategic partnerships and community-centric approach have bolstered its reputation as a reliable financial institution.
With a legacy of over half a century, Cathay General Bancorp remains committed to fostering economic growth and providing exceptional banking services. Its extensive experience and strategic geographic positioning make it a significant player in the regional banking sector.
Cathay General Bancorp (Nasdaq: CATY), the holding company for Cathay Bank, has announced a new share repurchase program worth up to $125 million. The previous program, also valued at $125 million, concluded on February 21, 2023, having repurchased 2,897,628 shares at an average cost of $43.14 per share. The new repurchase initiative allows purchases on the open market or through privately negotiated transactions. Management will determine the timing, price, and volume of repurchases based on market conditions and relevant laws. As of this release, Cathay General Bancorp has approximately 72.8 million shares outstanding. The repurchase program can be modified, suspended, or terminated based on various factors, including market conditions and alternative investment opportunities.
Cathay General Bancorp (Nasdaq: CATY) has elected Ann Yee Kono and Elizabeth Woo as new members of the Board of Directors at the Company and Cathay Bank. The elections took place during the Annual Stockholder’s Meeting on May 13, 2024, and a subsequent Board meeting. Ann Yee Kono, CEO of Leda Advisory Group, has a rich background in finance with over 25 years of experience, including tenure at Ares Management Elizabeth Woo, a Lecturer of Accounting at UCLA, brings over 20 years of expertise in accounting and auditing, having held senior positions at Crowe and BDO. Executive Chairman Dunson K. Cheng expressed confidence in their strategic insights and contributions to Cathay’s growth.
Cathay General Bancorp (Nasdaq: CATY) has announced a cash dividend of $0.34 per common share.
The dividend will be payable on June 10, 2024, to stockholders who are on record as of May 30, 2024. This reflects the company's ongoing commitment to returning value to its shareholders.
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