Los Angeles Chinese American
Banking Pioneers
East West Federal Bank, now East West Bank was founded in 1973 as the first federally chartered savings institution focused primarily on serving the Chinese American community in Los Angeles. The eight original organizers and founders were F. Chow Chan, Betty Tom Chu, Richard K. Quan, Gilbert L. Leong, Philip Chow, John A Nuccio, Christopher L. Pocino, and John M. Lee.
This photo was taken at the CHSSC dinner honoring Chinese American Banking Pioneers. From L to R, Kellogg Chan and Betty Chu, co-founders of East West Bank, Leslee Leong representing her father Gilbert Leong, a co-founder, and Emily Wang, Director of Marketing representing CEO Dominic Ng.
By 1992, East West Bank had achieved the dominant market position among financial institutions serving the mainstream and the Chinese American community through innovative actions. It was the first California savings institution to offer automobile and commercial loans. It was the first Southern California Chinese American financial institution to branch, to offer adjustable rate mortgages, interest bearing checking accounts, a national credit card (VISA), and the first to participate in the secondary mortgage market. The Bank's vision and mission is to be the financial bridge between Asia and United States.
East West Bank's community services include the donation of a gallery that opened in 2007 in Bowers Museum in Santa Ana, California. The first exhibition in the East West Bank Gallery was Treasures of Shanghai: 5000 Years of Art and Culture. East West Bank also donated $1 million in 2007 to the Chinese Garden at Huntington Library of San Marino, California.
Kellogg Chan served as East West Bank's Treasurer in 1973-1976. He became
Chairman, President and CEO in 1976 until his retirement in 1992.
Under Kellogg Chan's leadership , East West Bank compiled a remarkable
twenty year record of profitable growth in an era with dramatic shifts
and changes in the financial industry and in the economic environment.
East West Bank opened its second branch in 1979 in Montebello. At the
time Kellogg Chan retired in 1992 the bank grew from a single branch to
twenty branches statewide with a total assets of $1.4 billion .
For a profile of Betty Chu please go to page on Trust Savings Bank which merged with East West Bank in 2004.
In 1948 the Supreme Court banned
the restrictive covenants preventing the Chinese from owning land in California.
As an architect, Gilbert Leong was instrumental in helping the Chinese
immigrants establish roots and build homes. Gilbert Leong designed several
building in Los Angeles Chinatown that still stand today. In 1973, he became
a Founding Director of East West Bank where he oversaw many of the land
developments that were just beginning to burgeon in Southern California.
He was an active Director at East West Bank until his death in 1996.
He also designed the exquisite Chinese courtyard garden at the Pacific Asia
Museum in Pasadena and the logo of Chinese Historical Society of Southern California.
Dominic Ng was named East West
Bancorp's and East West Bank's Chair, Chief Executive Officer and President
upon the retirement of Kellogg Chan in 1992. Under his leadership, East
West Bank's assets grew to $10.7 billion in 2006, from $1.4 billion in 1992.
The first focus of the bank was as a savings and loan insititution in the
Chinese American market. Today, it has grown into a well diversified bank
that focuses both on retail and commercial banking, serving the mainstream
community as well as Chinese Americans and new immigrants.