Profile: Cathay General Bancorp (CATY.O)
Cathay General Bancorp, incorporated on March 1, 1990, is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc., and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
The Bank primarily services individuals, professionals and small to medium-sized businesses in the local markets and provides commercial mortgage loans, commercial loans, small business administration (SBA) loans, residential mortgage loans, real estate construction loans, home equity lines of credit and installment loans to individuals for automobile, household and other consumer expenditures. As a commercial bank, the Bank accepts checking, savings and time deposits, and makes commercial, real estate, personal, home improvement, automobile, and other installment and term loans.
The Bank's commercial mortgage portfolio includes primarily commercial retail properties, shopping centers, owner-occupied industrial facilities, and secondarily, office buildings, multiple-unit apartments, hotels and multi-tenanted industrial properties. The Bank also makes medium-term commercial mortgage loans, which are generally secured by commercial or industrial buildings where the borrower uses the property for business purposes. The Bank provides financial services to diverse commercial and professional businesses in its market areas. Commercial loans consist primarily of short-term loans to support general business purposes, or to provide working capital to businesses in the form of lines of credit to finance trade. The Bank originates single-family-residential mortgage loans. The single-family-residential mortgage loans are conforming, nonconforming, and jumbo residential mortgage loans, and are secured by first or subordinate liens on single (one- to four-family) family residential properties. The Bank's products include a fixed-rate residential mortgage loan and an adjustable-rate residential mortgage loan. The Bank's real estate construction loan activity focuses on providing short-term loans to individuals and developers, primarily for the construction of multi-unit projects. The Bank offers variable-rate home equity lines of credit that are secured by the borrower's home. As of December 31, 2016, the Bank's total loans amounted to $11.2 billion.
The Bank's investment portfolio consists of the United States government securities, the United States government sponsored entities, mortgage-backed securities, collateralized mortgage obligations, corporate debt instruments and mutual funds. As of December 31, 2016, the Bank's investment securities amounted to approximately $1.3 billion.
Sources of Funds
The Bank offers a range of deposit products in order to meet its customers' needs. The Bank offers passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, college certificates of deposit, and public funds deposits. Its borrowings include securities sold under agreements to repurchase, the purchase of federal funds, funds obtained as advances from the Federal Home Loan Bank (FHLB), borrowing from other financial institutions, and the issuance of Junior Subordinated Notes. As of December 31, 2016, the Bank's total deposits amounted to approximately $11.7 billion.
The Company's subsidiaries include Cathay Capital Trust I, Cathay Statutory Trust I, Cathay Capital Trust II, Cathay Capital Trust III and Cathay Capital Trust IV (collectively the Trusts). The Trusts are statutory business trusts. The Trusts issued capital securities representing undivided preferred beneficial interests in the assets of the Trusts. The business purpose of GBC Venture Capital, Inc. is to hold equity interests, such as options or warrants, received as part of business relationships and to make equity investments in companies and limited partnerships subject to applicable regulatory restrictions. Asia Realty Corp. is formed for the purpose of holding other real estate.
Cathay General Bancorp
777 N BROADWAY
LOS ANGELES CA 90012-2819