LOS ANGELES, Jan. 31, 2018 /PRNewswire/ -- Cathay Bank announced that its holding company Cathay General Bancorp (NASDAQ: CATY) is ranked #12 on the Forbes 2018 "Best Banks in America" list, rising seven spots from last year. This is the third consecutive year the company has been ranked within the top 20 on the list.
"We are very pleased to be recognized again by Forbes. It is notable proof of the hard work and heart by each of our employees," said Pin Tai, CEO & President of Cathay General Bancorp and Cathay Bank. "We are also grateful for our customers because our achievement is built on their continued support."
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 banks and thrifts range in size from $2.6 trillion JPMorgan Chase to First Financial Bancorp with $8.8 billion in assets.1 The ranking is based on 10 metrics related to growth, profitability, capital adequacy and asset quality. Metrics include return on average tangible equity, return on average assets, net interest margin, efficiency ratio and net charge-offs as a percent of total loans. 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. The final component is operating revenue growth.
About Cathay Bank
Cathay Bank (www.cathaybank.com) is a subsidiary of Cathay General Bancorp (NASDAQ: CATY). Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 42 branches in California, 12 in New York State, three in the Chicago area, three in Washington State, two in Texas, and one each in Maryland, Massachusetts, Nevada, New Jersey, and Hong Kong — with representative offices in Taipei and Shanghai. FDIC insurance coverage is limited to deposit accounts at Cathay Bank's U.S. branch locations.
1 Forbes. (January 10, 2018). Full List: Ranking America's 100 Largest Banks 2018. Retrieved from https://www.forbes.com/sites/kurtbadenhausen/2018/01/10/full-list-ranking-americas-100-largest-banks-2018/#48a2db5f3109
SOURCE Cathay Bank