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Introduction The Beginnings Preston Martin F.Chow Chan Cathay Bank
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Los Angeles Chinese American
Banking Pioneers

First Public Savings Bank
In 1977 Jack Lee and Robert Gee co-founded First Public Savings and Loan Association to help new Chinese immigrants with obtaining loans to start businesses and own homes. Later it became First Public Savings Bank, the first savings charter given by California to a Chinese American institution.

First Public Savings opened its doors for business in 1979 in a nondescript trailer on North Hill Street in Los Angeles Chinatown. With $2.5 million in start-up capital and four employees, First Public Savings made a profit of $90,000 after only four months of operation and remained profitable until it was acquired by Cathay Bancorp in 1996. By 1996, First Public Savings had originated thousands of home loans and had assets totaling over $270 million among its five offices in Los Angeles Chinatown and San Gabriel Valley. With initial capital of $2.5 million, shareholder distributions totaled $46 million over a seventeen year period.

Jack Lee took over Yee Sing Chong market in 1951 after working there for three years, eventually built it into the first supermarket in Chinatown. He was also involved in other businesses in the community. His business ventures reinforced his understanding of the needs of the Chinese American immigrants who were underserved by the mainstream financial institutions.

Robert Gee was co-founder and elected as the first President of First Public Savings Bank in 1977. Born in 1923 in a storefront house in downtown Los Angeles. He served with the United States Army Air force during World War II. In 1950, Robert Gee joined his family's foreign trade business and became Chief Executive Officer in 1976. In 1980 and 1981, he served as the President of the Los Angeles Chinese Chamber of Commerce. He retired in 2002.