In the United States, there are different kinds of banks called minority depository institutions (MDIs). Among them, the biggest group is made up of 73 banks owned by Asian or Pacific Islander Americans. These banks together are almost as many as all the other MDIs combined.
These Asian American banks are important because they show how much the Asian American community is growing. This community is becoming larger faster than any other racial group in the U.S. and is predicted to be the biggest group of immigrants in 50 years.
Here’s a list of the top 10 Asian American-owned banks. They have a lot of money and serve different areas. Banks are really important for people. They help us keep our money safe, give us loans for things like houses and businesses, and let us use credit cards. Basically, they help us manage our money.
Remember, Asian Americans are growing quickly. Banks that understand the financial needs of both Asian Americans born in the U.S. and those who have moved here will also grow along with them.
Asian Americans have different needs for their money. They often make more money each week than White, Black, or Latin individuals, according to information from early 2023.
Now, let’s take a look at some of the banks on the list:
East West Bank
This bank started in 1973 and was one of the first to help Chinese Americans with their finances in Los Angeles. It has many branches in the U.S. and even in places like Hong Kong.
Cathay Bank
Founded in 1962, this bank focuses on helping Chinese Americans too. It’s been recognized as one of the best banks in the U.S. and has many locations.
Bank of Hope
This bank is made for Korean Americans. It was created in Los Angeles and gives scholarships to students. It’s in many states.
Hanmi Bank:
Started in 1982, this bank helps the Korean American community in Los Angeles. It’s unique because it encourages its employees to volunteer and it offers scholarships to students.
Preferred Bank:
This bank began in 1991 and stands out because it helps specific kinds of businesses. It has branches in different states.
CTBC Bank Corp. (USA):
This bank started as a New York bank in 1989 and later joined with a Japanese bank. It has branches in different places, including California.
Royal Business Bank:
Opening in 2008, this bank is one of the newer ones. It’s received awards and has locations in several places.
| Rank | Bank Name | Year Founded | Headquarters | Number of Branches |
|---|---|---|---|---|
| 1 | East West Bank | 1973 | Los Angeles, CA | 200 |
| 2 | Cathay Bank | 1962 | Los Angeles, CA | 150 |
| 3 | Bank of Hope | 1982 | Los Angeles, CA | 100 |
| 4 | Hanmi Bank | 1982 | Los Angeles, CA | 75 |
| 5 | Preferred Bank | 1991 | Los Angeles, CA | 50 |
| 6 | CTBC Bank Corp. (USA) | 1989 | New York, NY | 25 |
| 7 | Royal Business Bank | 2008 | Monterey Park, CA | 10 |
| 8 | Bank of Guam | 1972 | Hagatna, Guam | 5 |
| 9 | Leader Bank | 2002 | Boston, MA | 2 |
| 10 | Pacific City Bank | 2003 | Irvine, CA | 1 |
Bank of Guam:
This bank has been around since 1972 and is known for helping during disasters. It’s a big bank in the Western Pacific.
Leader Bank:
Beginning in 2002, this bank is in Boston and Connecticut. It’s known for doing well financially.
Pacific City Bank:
This bank started in 2003 in California. It helps the community through different programs and has many branches.
So, these banks are like stars in the sky, each with its own story and way of helping people manage their money. They’re important for the Asian American community and for anyone who needs banking services.
FAQs
- What are minority depository institutions (MDIs) in the United States?
MDIs are special kinds of banks that cater to specific communities. They’re like different groups of banks that serve particular groups of people.
- Why are Asian American-owned banks important?
These banks show how much the Asian American community is growing. Asian Americans are becoming the fastest-growing group in the U.S., and these banks reflect that growth.
- What is the significance of the top 10 Asian American–owned banks?
These banks have a lot of money and help people with their finances. They offer things like savings accounts, loans, and credit cards to help people manage their money better.
- How do banks help individuals and businesses?
Banks provide various services, like keeping money safe, giving out loans for things like houses and businesses, and allowing people to use credit cards for purchases.
