Cathay Bank (traditional Chinese: 國泰銀行; simplified Chinese: 国泰银行; pinyin: Guótài Yínháng; Cantonese Yale: Gwoktaai Ngàhnhòhng) is a Chinese American bank founded in 1962. Cathay is headquartered in Chinatown, Los Angeles, with a corporate center in nearby El Monte, California. It has branches in California, Massachusetts, New York, Texas, Washington, Illinois, New Jersey, Nevada, Maryland, and Hong Kong. It also has representative offices in Shanghai, Beijing and Taipei. Fung Chow Chan (Mar 1, 1909–Jan 29, 2001), emigrated from Guangdong to Los Angeles in 1933 to join his father's silk business and founded the Phoenix Bakery in Chinatown with his wife Wai Hing in 1938; the success of the bakery's strawberry cream cake, developed by his brother Lun, allowed him to be one of the first Asian Americans to integrate the Silver Lake neighborhood. However, he was denied a home loan because he was an immigrant, which spurred him to organize local community leaders and apply for a bank charter. Initial attempts to open a savings and loan were denied repeatedly by state regulators, so the group of investors he led instead applied for a commercial bank charter, receiving it on May 5, 1961 and Cathay Bank started operations in 1962, the first bank owned and operated primarily by Chinese-Americans to serve their community in Southern California. Chan's fellow founders were George T.M. Ching, Gerald T. Deal, Dr. Tin Y. Kwong, John R. MacFaden, Thomas Quon, and John F. Varela. Chan also helped found East West Bank in 1973, which received its charter on June 20, 1972. More information...
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