LOS ANGELES, Jan. 25, 2019 /PRNewswire/ -- Cathay Bank announced today that its holding company, Cathay General Bancorp (CATY), is ranked #10 on Forbes' "America's Best Banks 2019" list, rising two spots from last year. This is the fourth consecutive year the company has been ranked within the top 20 on the list.
"We are delighted to achieve the top 10 of this prestigious Forbes list. We aspire to execute a well-run bank that advances the financial dreams of our customers and provides dependable returns to our stockholders," said Pin Tai, CEO & president of Cathay General Bancorp and Cathay Bank. "We are proud of our continued rise in this ranking. The hard work and heart demonstrated by each of our employees is directly responsible for this recognition."
The ranking is based on 10 metrics related to growth, profitability, capital adequacy and asset quality, including return on average tangible equity, return on average assets, net interest margin, efficiency ratio, net charge-offs as a percent of total loans, and operating revenue growth. Forbes also factored in nonperforming assets as a percent of assets, CET1 ratio, risk-based capital ratio and reserves as a percent of nonperforming assets.
Since 2009, Forbes has ranked the 100 largest U.S. banks and thrifts by assets, using data collected by S&P Global Market Intelligence. These institutions collectively sum up to $13.8 trillion in assets, representing 78 percent of total U.S. bank assets.
About Cathay Bank
Cathay Bank, a subsidiary of Cathay General Bancorp (CATY), offers a wide range of financial services through nine states in the U.S. as well as a branch in Hong Kong and representative offices in Beijing, Shanghai, and Taipei. Founded in 1962 to support Los Angeles' growing Chinese American community, in the past half century the bank has expanded and grown with its customers, providing them with the tools and services they need to achieve their goals. Learn more at cathaybank.com. FDIC insurance coverage is limited to deposit accounts at Cathay Bank's U.S. domestic branch locations.
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