Cathay General Bancorp operates as the holding company for Cathay Bank that provides commercial banking products and services. As of December 31, 2014, the company had branch offices in southern California (21 branches), northern California (12 branches), New York (9 branches), Massachusetts (1 branch), Texas (2 branches), Washington (3 branches), Illinois (3 branch locations and 1 drive-through location), New Jersey (1 branch), Nevada (1 branch), and Hong Kong (1 branch) and a representative office in Shanghai and in Taipei. The company also provides letters of credit, wire transfers, forward currency spot and forward contracts, traveler’s checks, safe deposit, night deposit, Social Security payment deposit, collection, bank-by-mail, drive-up and walk-up windows, automatic teller machines (ATM), Internet banking services, and other customary bank services. The company primarily services individuals, professionals, and small to medium-sized businesses in the local markets in which its branches are located and provides commercial mortgage loans, commercial loans, Small Business Administration (SBA) loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures. Through Cathay Wealth Management business unit, the company provides its customers the ability to trade securities online and to purchase mutual funds, annuities, equities, bonds, and short-term money market instruments. All securities and insurance products provided by Cathay Wealth Management are offered by, and all Financial Consultants are registered with, Cetera Financial Services, a registered securities broker/dealer and licensed insurance agency and member of the Financial Industry Regulatory Authority and Security Investor Protection Corporation. Cetera Financial Services and Cathay Bank are independent entities. Lending Activities The company’s loan originations are obtained through various sources, including existing customers, walk-in customers, referrals from brokers or existing customers, and advertising. Commercial Mortgage Loans: Commercial mortgage loans are secured by first deeds of trust on commercial properties. The company’s commercial mortgage portfolio includes primarily commercial retail properties, shopping centers, and owner-occupied industrial facilities, and, secondarily, office buildings, multiple-unit apartments, hotels, and multi-tenanted industrial properties. Commercial Loans: The company provides financial services to diverse commercial and professional businesses in its market areas. Commercial loans consist primarily of short-term loans (normally with a maturity of up to one year) to support general business purposes, or to provide working capital to businesses in the form of lines of credit to finance trade. U.S. Small Business Administration (SBA) Loans: The company originates SBA loans under the national ‘preferred lender’ status. As a preferred lender, the company has the authority to issue, on behalf of the SBA, the SBA guaranty on loans under the 7(a) program which result in shortening the time it takes to process a loan. In addition, under this program, the SBA delegates loan underwriting, closing, and most servicing and liquidation authority and responsibility to selected lenders. The company utilizes both the 504 program, which is focused on long-term financing of buildings and other long-term fixed assets, and the 7(a) program, which is the SBA’s primary loan program and which could be used for financing of various general business purposes such as acquisition of land, buildings, equipment and inventory and working capital needs of eligible businesses generally over a 5- to 25-year term. Residential Mortgage Loans: The company originates single-family-residential mortgage loans. The single-family-residential mortgage loans comprise conforming, nonconforming, and jumbo residential mortgage loans, and are secured by first or subordinate liens on single (one-to-four) family residential properties. The company’s products include a fixed-rate residential mortgage loa
cathay general bancorp (CATY:NASDAQ GS)
777 North Broadway
Los Angeles, CA 90012
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