In the United States, the growing influence of Asian American communities is evident in a variety of sectors, from business and politics to education and technology. One area where Asian Americans have notably made a mark is in the banking and financial services industry. While mainstream financial institutions often dominate the American banking landscape, Asian American-owned banks offer tailored services that cater to the unique needs of their diverse communities. These banks play a critical role in fostering economic growth, providing essential financial products, and strengthening community ties.
This article explores the top 10 Asian American-owned banks, shedding light on their history, mission, services, and impact.
1. East West Bank
Founded: 1973
Headquarters: Pasadena, California
East West Bank is one of the largest and most well-known Asian American-owned banks in the United States. Initially founded to serve the growing Chinese American community in Southern California, the bank has expanded its reach and is now a leader in providing financial services to Asian Americans, as well as other communities. The bank offers a wide range of products, including personal and business banking, loans, wealth management, and foreign exchange services.
East West Bank is recognized for its deep connections with Asia, especially China, and has established branches in several international cities. The bank’s focus on bridging the gap between East and West has made it a unique player in the global banking landscape. East West Bank has become a key player in helping both individuals and businesses navigate the complexities of international trade and finance.
2. Hanmi Bank
Founded: 1982
Headquarters: Los Angeles, California
Hanmi Bank is a prominent Asian American-owned bank that has been a cornerstone of the Korean American community in the United States. Founded by a group of Korean immigrants, Hanmi Bank has grown into a major regional bank with a focus on providing services to small and medium-sized businesses, as well as individuals. The bank offers a wide range of financial products, including savings accounts, checking accounts, business loans, and mortgage products.
With a strong emphasis on community, Hanmi Bank works to empower Korean American businesses and individuals by offering personalized services that cater to their specific needs. The bank’s success is attributed to its ability to foster strong relationships with its customers and offer financial solutions that promote economic growth within the Korean American community.
3. First Hawaiian Bank
Founded: 1858
Headquarters: Honolulu, Hawaii
While not exclusively Asian American-owned, First Hawaiian Bank has deep roots in the Asian American community, particularly among Hawaiian residents with Asian heritage. It is the largest bank in Hawaii and provides a broad spectrum of services, including personal banking, business banking, and wealth management.
First Hawaiian Bank has a rich history of supporting local businesses and individuals, particularly those of Asian descent. Over the years, it has built strong ties with businesses across the Pacific Rim, especially in Japan, and has become a critical player in the region’s financial infrastructure. Its commitment to serving the unique needs of Hawaii’s diverse population, including its large Asian American community, sets it apart as an influential institution in the banking sector.
4. Bank of Hope
Founded: 1982
Headquarters: Los Angeles, California
Bank of Hope is another key player in the Asian American banking space. Founded as the Nara Bank by a group of Korean Americans, it has since grown into one of the most important banks in the United States focused on serving the needs of the Korean American and broader Asian American communities. With a full range of banking products, Bank of Hope provides essential services for both individuals and businesses, including personal banking, loans, credit cards, and commercial banking solutions.
The bank’s dedication to supporting the Asian American community is evident in its focus on offering culturally relevant financial products and providing services in multiple languages. Its extensive branch network serves customers across the United States, and it has established a strong presence in major metropolitan areas with significant Asian populations.
5. Cathay Bank
Founded: 1962
Headquarters: Los Angeles, California
Cathay Bank is one of the oldest and most respected Asian American-owned financial institutions in the United States. Founded by a group of Chinese American entrepreneurs, Cathay Bank has built a solid reputation for its commitment to serving the Chinese American community, as well as other Asian groups. The bank has grown from its modest beginnings in Chinatown, Los Angeles, to an institution with branches across the U.S. and internationally, including in China and Hong Kong.
Cathay Bank provides a wide range of services, including personal and business banking, loans, mortgages, and investment products. The bank is particularly well-regarded for its services aimed at small and medium-sized businesses, helping to fuel economic development within the Asian American community.
6. American Pacific Bank
Founded: 2006
Headquarters: San Francisco, California
American Pacific Bank is a relatively newer but rapidly growing Asian American-owned bank that serves the needs of the diverse Asian American community in California. It provides traditional banking services such as checking and savings accounts, mortgages, and business loans. The bank’s focus on small business lending and providing financial solutions to underserved communities has earned it recognition as a community bank that prioritizes accessibility and customer service.
American Pacific Bank has made strides in establishing itself as a trusted institution within the Asian American community. With a strong focus on relationship banking and personalized services, it has gained popularity among local businesses and families who value community-centered financial institutions.
7. United California Bank
Founded: 1957
Headquarters: Irvine, California
United California Bank was founded with the goal of serving the growing Asian American community in California. Over the years, it has evolved into a full-service financial institution providing a broad array of banking services, from personal banking products to investment and business solutions. The bank is recognized for its deep understanding of the unique financial needs of Asian American customers.
One of the key features of United California Bank is its dedication to building long-term relationships with its clients. It offers tailored financial products to individuals, families, and businesses, especially those in industries with strong Asian American ties, such as import/export businesses and restaurants.
8. OneUnited Bank
Founded: 1982
Headquarters: Los Angeles, California
While OneUnited Bank is primarily known for being the largest Black-owned bank in America, it has an inclusive mission that serves various minority communities, including Asian Americans. OneUnited Bank offers a range of personal and business banking products, with a focus on economic empowerment for underserved communities. The bank provides essential services like checking and savings accounts, loans, and mortgage options, as well as financial education resources.
OneUnited’s commitment to financial inclusion and community development aligns with its support of diverse groups, making it a significant player in the multicultural landscape of American banking.
9. Pacific City Bank
Founded: 2003
Headquarters: Los Angeles, California
Pacific City Bank, founded by a group of Korean Americans, has rapidly gained prominence in the Southern California banking scene. The bank offers a wide range of personal and business banking products, including commercial lending, checking accounts, and savings accounts. Pacific City Bank is particularly known for its dedication to serving the Korean American community, offering services in Korean and other languages.
The bank’s community-focused approach has helped it grow into a trusted financial partner for both individuals and businesses. With its emphasis on personalized customer service and commitment to economic development, Pacific City Bank is a key institution for many Asian Americans.
10. Woori America Bank
Founded: 1984
Headquarters: New York, New York
Woori America Bank is the U.S. subsidiary of Woori Bank, one of South Korea’s largest and most well-established financial institutions. The bank provides a wide array of services, including retail banking, commercial banking, and wealth management. Woori America Bank has a strong focus on serving Korean Americans, but its customer base also includes individuals and businesses from other Asian American communities.
With branches in major cities such as New York, Los Angeles, and Washington, D.C., Woori America Bank has become a key player in the U.S. banking industry, known for its efficient services and its ability to bridge financial solutions between the U.S. and Korea.
Conclusion
Asian American-owned banks have become a vital part of the American banking landscape, offering specialized financial products and services tailored to the unique needs of their communities. From their early beginnings as small community banks to their present status as significant players in the financial sector, these institutions have demonstrated resilience, adaptability, and commitment to supporting economic growth.
Whether it’s providing access to capital for small businesses, offering culturally relevant financial products, or fostering stronger ties between the U.S. and Asia, Asian American-owned banks have proven to be invaluable assets in promoting financial inclusion, stability, and growth. As these banks continue to evolve, their role in shaping the future of American banking will only grow stronger.
