Cathay General Bancorp’s acquisition of SinoPac Bancorp was completed late last month, with the two companies’ public-facing banking operations – Cathay Bank and Far East National Bank – merging under Cathay’s banner.
The Chinatown-based Cathay announced the deal in July, paying more than $350 million for SinoPac.
Cathay Bank was No. 14 on the Business Journal’s 2017 list of Financial Institutions ranked by L.A. County deposits as of June 30 with $5.4 billion. Far East National Bank ranked No. 45 with $500 million (see page 17 for full list).
Cathay Bank Chief Executive Pin Tai said in a statement that the merger left the bank in a more stable position than before.
“For many years, Cathay Bank and Far East National Bank have grown alongside the same communities and have shared similar attributes and business values,” Tai said. “The combined bank is stronger where customers will benefit from a broadened suite of Cathay products and services with a bigger branch network.”