CATY Cathay General Bancorp

Item 8.01 Other Events

At a regularly scheduled board meeting held on October 17, 2019, the board of directors of Cathay Bank, a subsidiary of Cathay General Bancorp (the “Corporation”), appointed Chang M. Liu as President of Cathay Bank, effective as of October 17, 2019. Mr. Liu also will continue as the Chief Operating Officer of Cathay Bank, and has been elected as a board member of Cathay Bank, effective October 17, 2019.

Mr. Liu, in his role as President and Chief Operating Officer of Cathay Bank, shall have responsibility for the general management and control of the business, day to day operations and affairs of Cathay Bank and the general supervision of all officers of Cathay Bank (other than the executive officers who are under the supervision of the Chief Executive Officer). Mr. Liu shall have such other powers and duties as are usually vested in a president and chief operating officer or as may be from time to time prescribed by Cathay Bank’s board of directors or its bylaws.

Mr. Liu, age 52, joined Cathay Bank in 2014 as Senior Vice President and Assistant Chief Lending Officer. He was promoted to increasingly higher-level positions and in 2016, became Executive Vice President and Chief Lending Officer of Cathay Bank. On February 1, 2019, Mr. Liu was appointed the Executive Vice President and Chief Operating Officer of Cathay Bank. Prior to joining Cathay Bank, Mr. Liu was Executive Vice President and Chief Lending Officer at Banc of California (formerly known as Pacific Trust Bank) from 2011 to March of 2014. Mr. Liu has 29 years of banking experience.

Mr. Liu will continue to receive an annual base salary of $380,000, and he will be entitled to participate in the Corporation’s cash bonus and equity incentive plans. Mr. Liu’s appointments as President/COO and a director of Cathay Bank did not result in a change in the composition of the directors and officers of the Corporation. There is no arrangement or understanding with any person (other than directors or officers of Cathay Bank acting solely in their capacities as such) pursuant to which Mr. Liu was appointed as President/COO and a director of Cathay Bank. There are no family relationships between Mr. Liu and any director or executive officer of Cathay Bank or the Corporation, and Mr. Liu is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K.   

Pin Tai continues to serve as the Chief Executive Officer and a director of the Corporation and Cathay Bank in accordance with the terms of his employment agreement, which was previously disclosed in a Form 8-K filed by the Corporation on June 20, 2019.