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Create free account to monitor CATYin 1962, cathay bank opened for business with the mission of providing financial services to the growing but underserved chinese-american community in the greater los angeles area, thus becoming the first chinese-american bank in southern california. recognizing that the community it served was part of a more diverse one, cathay bank adopted the motto "an open door for all. " its rapid expansion was fueled by successive waves of immigration, burgeoning trade between america and asia, and the economic development of the surrounding community.