Los Angeles Chinese American
Banking Pioneers
F. Chow Chan
Born in 1910 in Guangdong,
F. Chow Chan attended Lingnan University between 1926 and 1930. He emigrated
in 1933 to join his father who was a silk and antiques merchant in Los Angeles.
F. Chow Chan was already a pioneering business leader in the Chinese American
community when he founded Cathay Bank. In 1938, he with his wife, Wai Hing,
established Phoenix Bakery, Inc. in Los Angeles, and in 1940s his brother Lun
joined the business. The family run business became a multimillion-dollar
business and a landmark in Los Angeles, with its signature pastry fresh
strawberry whipped cream cake.
Despite his business success he had difficulty obtaining loans. For about a decade he organized the community to apply for a bank charter. The application to begin a savings and loan institution was repeatedly turned down. Finally, on the advise of Preston Martin, a prominent financier, the group applied for a commercial bank charter. Cathay Bank was started in 1962 and F. Chow Chan served as its first Chairman of the Board.
Recognizing the continuing financial needs of the Chinese American community, particularly in purchasing houses, F. Chow Chan continued his quest to establish a savings and loan. In 1973, he was able to obtained a charter for East West Federal Bank, now East West Bank, and served as its first Chairman and Chief Executive Officer. He retired in 1976 but continued his philanthropic activities until his death in 2001.