LOS ANGELES, Aug. 19, 2016 /PRNewswire/ -- Cathay General
Bancorp (the "Company", NASDAQ: CATY), the holding company for
Cathay Bank (the "Bank"), announced that Dunson K. Cheng has notified the Company of his
intention to retire from his position as President and Chief
Executive Officer ("CEO") of the Company and as CEO of Cathay Bank,
effective September 30, 2016.
Mr. Cheng will continue as Executive Chairman of the Company and of
Cathay Bank.
In accordance with the Company's succession plan, the Boards of
Directors of the Company and of Cathay Bank appointed Mr. Pin Tai
as CEO and President of the Company and as CEO of Cathay Bank, and
Mr. Cheng as Executive Chairman of the Company and of Cathay Bank,
effective October 1, 2016. Mr.
Tai is currently the President of Cathay Bank.
"It has been an honor and a privilege to have served and led the
Company," Mr. Cheng said. "At the time I joined the Bank in 1982,
Cathay was $192 million in asset size
with two branches in Los Angeles.
As of June 30, 2016, we are
$13 billion strong in assets, with 59
branches across nine states in the U.S. and Hong Kong, as well as offices in Asia. It is time to pass the torch of
leadership to a new generation of well-qualified colleagues.
Pin has served in several key management roles during his 17-year
tenure with Cathay. He was instrumental in the development of our
East Coast footprint and, under his direction while serving as the
Chief Lending Officer, our lending divisions have been enhanced to
capture greater market share. He will continue Cathay's
strong commitment to customer satisfaction and increasing
stockholder value."
"I am humbled by this opportunity and excited to serve and lead
the Company going forward," said Mr. Tai. "Dunson has done a
tremendous job in positioning the Company for future growth, and I
look forward to continuing to build on this strong foundation and
disciplined corporate culture."
"The Board of Directors is very grateful for Dunson's
leadership, dedication and years of unparalleled service to the
Company," said Patrick S.D. Lee, the
Company's Lead Director. "He has led the Company through
numerous milestones, solidifying our institution in the
marketplace. Dunson has also prepared Pin to undertake his
new role and we look forward to working with Pin."
Dunson K. Cheng has led the
Company and Cathay Bank for more than 30 years. He became a
Director of Cathay Bank in 1982 and has been a Director of the
Company since it was formed as a bank holding company in
1990. He joined the management team at Cathay Bank in 1984
and was named President in 1985. He has been the President of
the Company since 1990, Chairman of the Boards of the Company and
Cathay Bank since 1994, CEO of the Company and Cathay Bank since
2003, and President of Cathay Bank from 1985 until April 2015, when Mr. Tai assumed the position of
President of Cathay Bank.
Under Mr. Cheng's leadership, the Company has experienced
significant growth, which included establishing additional branches
in California and elsewhere, the
successful completion of nine mergers and acquisitions that
expanded its geographic presence, the establishment of
representative offices and a full-service branch in Asia, and the opening of its corporate center
in El Monte, California.
During Mr. Cheng's tenure, the organization was reorganized as a
bank holding company in which the Company's stock became listed for
trading on NASDAQ.
Pin Tai has been President and a Director of Cathay Bank since
April 1, 2015. Mr. Tai joined
Cathay Bank in 1999 as General Manager of New York Region. In 2006,
he became Executive Vice President and the General Manager of
Eastern Regions, and then became the Deputy Chief Lending Officer
in 2010 and the Chief Lending Officer of Cathay Bank in 2013. Mr.
Tai has over 34 years of banking experience. Prior to joining
Cathay Bank, Mr. Tai worked at the Bank of China in its New
York office and at Bank of America in Hong Kong and China.
ABOUT CATHAY GENERAL BANCORP
Cathay General Bancorp is the holding company for Cathay Bank, a
California state-chartered bank.
Founded in 1962, Cathay Bank offers a wide range of banking
services. Cathay Bank currently operates 34 branches in
California, 12 branches in
New York State, three in the
Chicago, Illinois area, three in
Washington State, two in
Texas, one in Maryland, one in Massachusetts, one in Nevada, one in New
Jersey, one in Hong Kong,
and a representative office in Shanghai and in Taipei. Cathay Bank's website is found at
http://www.cathaybank.com. Cathay General Bancorp's website is
found at http://www.cathaygeneralbancorp.com. Information set
forth on such websites is not incorporated into this press
release.
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SOURCE Cathay General Bancorp