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Introduction The Beginnings Preston Martin F.Chow Chan Cathay Bank
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Los Angeles Chinese American
Banking Pioneers
Cathay Bank opened in 1962 as the first Chinese American bank in Southern California and is now the oldest Chinese American bank in the United States. Its motto was and still is "An Open Door for All." It was founded to provide and promote economic development in the Los Angeles Chinatown community. The seven founders were F. Chow Chan who served as the Bank's first President, George T.M. Ching, Gerald T. Deal, Dr. Tin Y. Kwong, John R. MacFaden, Thomas Quon and John F. Verela.


Honorees from the Cathay Bank at the CHSSC's dinner honoring Chinese American Banking Pioneers, from L to R, George T.M. Ching, Wilbur Woo, Michael Chang, and Dunson Cheng. Wilbur Woo also represented his father David Kitman Woo, Michael Chang also represented his father Calvin Chang.

In 2002, the Cathay Bank Foundation was established with a mission to create opportunities in the areas of affordable housing, community and economic development, and education. The Foundation serves communities where Cathay Bank has branches.

George T.M. Ching's banking career began in Hong Kong with the China State Bank Ltd. He immigrated to Los Angeles in 1951 with his wife and children. He worked as a specialist in international banking. In the 1950s, advancement for a Chinese American in American banking institutions was difficult. Undaunted, Mr. Ching continued to pursue his banking career. He became Cathay Banks's first president and served in this role for 23 years. During his tenure, he led the way for the bank's growth and development. Retiring in 2004, he currently maintains an office as Vice Chairman Emeritus.

Calvin Chang and David Kitman Woo were elected to the Board of Directors of Cathay Bank shortly after its founding.

Wilbur Woo joined Cathay Bank one year after its opening as a Vice President. Wilbur was born in China in 1916, came to Los Angeles with his family in 1921. He graduated from UCLA majoring in business administration. He and his father, David Kitman Woo, managed the Chungking Produce Company before joining Cathay. Wilbur is retired but still maintains an office at Cathay as Vice Chairman Emeritus.

Dunson Cheng, a physicist, was invited to join Cathay Bank's Board of Directors in 1982. He was appointed President of Cathay Bank in 1985, when the Bank had total assets of over $331 million with three branches and one overseas office. He was elected Chairman of Cathay Bancorp and Cathay Bank in 1994. Currently he is serving as the Chief Executive Officer. Under his leadership, the Bank grew into a regional bank with over $8 billion in assets, and expanded to 49 branches in seven states with three overseas offices

Kelly Chan is a CPA and has been a Director of Cathay Bank since 1981. He is currently the Vice President of Phoenix Bakery, Inc., the family interprise begun by F. Chow and Wai Hing Chan.