Cathay General Bancorp and Cathay Bank Director Wilbur K. Woo Announces His Retirement
December 20 2004 - 3:30PM
PR Newswire (US)
Cathay General Bancorp and Cathay Bank Director Wilbur K. Woo
Announces His Retirement LOS ANGELES, Dec. 20
/PRNewswire-FirstCall/ -- Cathay General Bancorp (NASDAQ:CATY)
announced today that Mr. Wilbur K. Woo, a Director and Vice
Chairman of Cathay General Bancorp and its subsidiary, Cathay Bank,
notified the Board of Directors that he will retire and resign from
these positions effective January 31, 2005, after 41 years of
service. By appointment of the Board of Directors, effective
January 31, 2005, Mr. Woo will serve as a non-voting Director
Emeritus and as a Vice Chairman Emeritus of Cathay General Bancorp
and Cathay Bank, and as a member of Cathay General Bancorp's Senior
Advisory Board. Mr. Woo joined Cathay Bank in 1963, a year after it
was founded, and has been a member of the Board of Directors since
1978. During his years of active management with Cathay Bank, Mr.
Woo served as Vice President from 1963 to 1970, Senior Vice
President from 1971 to 1976, Administrative Vice President, from
1977 to 1979, Executive Vice President from 1980 to 1982, and
Secretary of the Board from 1980 until 2001. Mr. Woo has been a
Director of Cathay General Bancorp, formally known as Cathay
Bancorp, Inc., since it was founded in 1990, and served as its
Secretary until 2001. He became Vice Chairman of the Board of
Directors of Cathay General Bancorp and Cathay Bank in 2001.
"Wilbur was already a community leader when he first joined Cathay
Bank and was instrumental in building up the bank's business,"
commented Mr. George T.M. Ching, a Director and one of the seven
founders of Cathay Bank. "At Cathay Bank, we all share a sense of
sadness as Mr. Woo retires from the Board. But at the same time, we
wish to thank him from the bottom of our hearts for his invaluable
contributions to Cathay General Bancorp and Cathay Bank," commented
Mr. Dunson K. Cheng, Chairman of the Board, President, and Chief
Executive Officer of Cathay General Bancorp and Cathay Bank. ABOUT
CATHAY GENERAL BANCORP Cathay General Bancorp is the one-bank
holding company for Cathay Bank, a California state-chartered bank.
Founded in 1962, Cathay Bank offers a wide range of financial
services. Cathay Bank currently operates 29 branches in California,
three branches in New York State, two branches in Massachusetts,
one in Houston, Texas, one in Washington State, and representative
offices in Hong Kong and Shanghai, China. In addition, the Bank's
subsidiaries, Cathay Investment Company and GBC Investment &
Consulting Company, Inc., both maintain an office in Taipei. Cathay
Bank's website is found at http://www.cathaybank.com/.
FORWARD-LOOKING STATEMENTS AND OTHER NOTICES Statements made in
this press release, other than statements of historical fact, are
forward-looking statements within the meaning of the applicable
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include, but are not limited
to, such words as "believes," "expects," "anticipates," "intends,"
"plans," "estimates," "may," "will," "should," "could," "predicts,"
"potential," "continue," or the negative of such terms and other
comparable terminology or similar expressions. Forward-looking
statements are not guarantees. They involve known and unknown
risks, uncertainties, and other factors that may cause the actual
results, performance, or achievements, of Cathay General Bancorp to
be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties and other factors include,
but are not limited to, adverse developments or conditions related
to or arising from: the Company's ability to integrate its
operations after its recent merger with GBC Bancorp and to realize
the benefits of that merger, demographic changes, fluctuations in
interest rates, inflation, competition, war and terrorism, general
economic or business conditions in California and other regions
where Cathay Bank has operations, such as the impact of the
California budget deficit, changes in business strategy, including
the formation of a real estate investment trust (REIT) and the
deregistration of its registered investment company (RIC), and
legislative and regulatory developments, such as the potential
effects of recently enacted California tax legislation and the
subsequent Franchise Tax Board announcement on December 31, 2003,
regarding the taxation of REITs and RICs and of the memorandum of
understanding between Cathay Bank and the Federal Deposit Insurance
Corporation relating to the Bank's compliance with certain
provisions of the Bank Secrecy Act. These and other factors are
further described in Cathay General Bancorp's Annual Report on Form
10-K for the year ended December 31, 2003, its reports and
registration statements filed (including those filed by GBC Bancorp
prior to the merger) with the Securities and Exchange Commission
("SEC") and other filings it makes in the future with the SEC from
time to time. Cathay General Bancorp has no intention and
undertakes no obligation to update any forward-looking statements
or to publicly announce the results of any revision of any
forward-looking statement to reflect future developments or events.
Cathay General Bancorp's filings with the SEC are available to the
public from commercial document retrieval services and at the
website maintained by the SEC at http://www.sec.gov/, or by request
directed to Cathay General Bancorp, 777 N. Broadway, Los Angeles,
CA 90012, Attention: Investor Relations, (213) 625-4749.
DATASOURCE: Cathay General Bancorp CONTACT: Monica Chen,
+1-213-625-4749, for Cathay General Bancorp Web site:
http://www.cathaybank.com/
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