LOS ANGELES, July 16, 2020 /PRNewswire/ -- Cathay General
Bancorp (the "Company", Nasdaq: CATY), the holding company for
Cathay Bank (the "Bank"), announced that Pin Tai, in accordance
with his previously disclosed employment agreement, will retire
from his position as Chief Executive Officer ("CEO") of the Company
and Cathay Bank and resign as a member of the Board of Directors of
the Company and Cathay Bank, effective September 30, 2020. Mr. Tai will remain
with Cathay Bank as an executive advisor through September 30, 2021, supporting the transition, in
accordance with his previously disclosed consulting agreement.
In accordance with the Company's succession plan, the Boards of
Directors of the Company and of Cathay Bank appointed Chang M. Liu as CEO and President of the Company
and as CEO of Cathay Bank, effective October
1, 2020. Mr. Liu is currently the President and Chief
Operating Officer of Cathay Bank and is a member of the Board of
Directors of Cathay Bank. Mr. Liu also will continue serving
as President and a director of Cathay Bank, and will be appointed a
member of the Board of Directors of the Company, effective
October 1, 2020.
"It has been an honor and a privilege to have served and led the
Company," Mr. Tai said. "At the time I joined the Bank in 1999,
Cathay was about $1.8 billion in
asset size with limited presence in the East Coast. As of
June 30, 2020, we are more than
$19 billion strong in assets, with 61
branches across nine states in the U.S., one branch in Hong Kong, as well as representative offices
in Beijing, Shanghai, and Taipei. I am incredibly
proud of the Company that we have built and believe Chang is the
right person to lead us into the next chapter. I wish Chang all the
best in his new role. I am confident that Cathay's legacy of
unwavering commitment to deliver exceptional customer experience
and stockholder value will continue under his leadership."
"I am humbled by this opportunity and excited to serve and lead
the Company going forward," said Mr. Liu. "I have a deep
respect for the work my predecessors have done in positioning the
Company for future growth. I look forward to continuing to
build on this strong foundation. I am committed to working
closely with the board, and our seasoned executive team to continue
to innovate our services while unlocking future growth
opportunities."
"The Board of Directors thanks Pin for his leadership and
dedicated service to the Company." said, Dunson K. Cheng, the Company's and Cathay Bank's
Executive Chairman. "We appreciate Pin's efforts in achieving
both record revenue and earnings for the Company during his
tenure. Chang's expertise in banking and deep
understanding of the Company's business, culture and people is just
what we need to capitalize on the many opportunities the future
holds. We look forward to working with
him."
Under Mr. Tai's leadership, the Company has experienced
significant growth, which included establishing additional branches
in California and elsewhere, and
the successful completion of the merger with Far East National Bank
that expanded its geographic presence. Mr. Tai was
instrumental in the development of the Company's East Coast
footprint and, under his direction while serving as the Chief
Lending Officer, the Company's lending divisions have been enhanced
to capture greater market share.
Chang M. Liu is currently the
President and Chief Operating Officer of Cathay Bank and serves as
a member on its Board of Directors. Mr. Liu joined Cathay
Bank in 2014 as Senior Vice President and Assistant Chief Lending
Officer. He was promoted to Deputy Chief Lending Officer in 2015
and then in 2016 became the Executive Vice President and Chief
Lending Officer. In February 2019,
Chang was appointed as Chief Operating Officer, followed by the
appointment as President when he joined as a member of the Board of
Directors of Cathay Bank in October
2019. Mr. Liu has over 30 years of banking experience. Prior
to joining Cathay Bank, Mr. Liu was the Executive Vice President
and Chief Lending Officer at Pacific Trust Bank, the Senior Vice
President of the Special Assets Group at U.S. Bank, and the Senior
Vice President of the Commercial Real Estate Group at California
National Bank.
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 financial
services. Cathay Bank currently operates 38 branches in
California, 10 branches in
New York State, four in
Washington State, three in
Illinois, two in Texas, one in Maryland, Massachusetts, Nevada, New
Jersey, and Hong Kong, and
a representative office in Beijing, Shanghai and 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