My grandfather left 200 Sh to me.Can someone kindly tell me what do you think of this bank?Should I just sell it or can keep it for long time so I will always remember the love of my grandfather. Thanks!
Chinese mainlanders are active buying real estate in Vancouver and Toronto--paying full price at times. I think they will turn their attention to major Chinese-American population centers in U. S. Cathay and East West is well positioned in those cities. Chinese banks will soon follow.
Your grandfather left you something of value: Financially, Cathay has grown their business from a storefront in Los Angeles Chinatown in the early 60's to a network of branches centered in California and states with large Chinese populations. Its stock price before the 2007 worldwide debacle was in the $30 range. Historical/Culturally, Cathay was the first Chinese American bank in U.S. In the 50's, my dad needed a business loan to buy a set of laundry equipment. Several establishment banks would not give him a loan application. When the concept of a Chinese American bank was floated in the community, he eagerly bought shares for each family member and supported the bank with his busines and personal accounts. My chartered savings account number was in the low 000300's. Currently, the bank is rated D+ in Weiss, whereas East West Bank is rated C-. I've recently bought some shares of both banks because they should bounce back when the economy picks up. Both banks could be takeover candidates by mainland Chinese banks if U.S. approves. If your grandfather bought the 200 shares decades ago and you are have original Cathay Bank stock certificates, the 200 shares through numerous stock-splits could amount to 1000 or more shares. Call Cathay's Investor Relations and confirm the actual share you own. I hope this was helpful.