LOS ANGELES, Jan. 25, 2019 /PRNewswire/ -- Cathay Bank
announced today that its holding company, Cathay General Bancorp
(Nasdaq: CATY), is ranked #10 on Forbes' "America's Best Banks
2019" list, rising two spots from last year. This is the fourth
consecutive year the company has been ranked within the top 20 on
the list.
"We are delighted to achieve the top 10 of this prestigious
Forbes list. We aspire to execute a well-run bank that advances the
financial dreams of our customers and provides dependable returns
to our stockholders," said Pin Tai, CEO & president of Cathay
General Bancorp and Cathay Bank. "We are proud of our continued
rise in this ranking. The hard work and heart demonstrated by each
of our employees is directly responsible for this recognition."
The ranking is based on 10 metrics related to growth,
profitability, capital adequacy and asset quality, including return
on average tangible equity, return on average assets, net interest
margin, efficiency ratio, net charge-offs as a percent of total
loans, and operating revenue growth. Forbes also factored in
nonperforming assets as a percent of assets, CET1 ratio, risk-based
capital ratio and reserves as a percent of nonperforming
assets.
Since 2009, Forbes has ranked the 100 largest U.S. banks and
thrifts by assets, using data collected by S&P Global Market
Intelligence. These institutions collectively sum up to
$13.8 trillion in assets,
representing 78 percent of total U.S. bank assets.
About Cathay Bank
Cathay Bank, a subsidiary of Cathay
General Bancorp (Nasdaq: CATY), offers a wide range of financial
services through nine states in the U.S. as well as a branch in
Hong Kong and representative
offices in Beijing, Shanghai, and Taipei. Founded in 1962 to support
Los Angeles' growing Chinese
American community, in the past half century the bank has expanded
and grown with its customers, providing them with the tools and
services they need to achieve their goals. Learn more
at cathaybank.com. FDIC insurance coverage is limited to
deposit accounts at Cathay Bank's U.S. domestic branch
locations.
Contact:
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Chris Lu
|
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(626)
279-3837
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SOURCE Cathay Bank