Local Bankers Add Support to Asian American Community

Dominic Ng, President, CEO and President of East West Bancorp.

Dominic Ng, chairman, managing director and chairman of East West Bancorp, a parent company with $ 56.9 billion in East West Bank assets, wasted no time in adding his voice earlier this year as chiefs from the Asian-American banking community have called for an end to hate crimes.

In January, Ng wrote to President Joe Biden asking him to help “stem the tide of hatred and xenophobia that has swelled in our country.”

In May, Biden signed a memorandum condemning racism, xenophobia and intolerance against Asian Americans and Pacific Islanders.

As the head of Southern California’s largest bank, Ng’s voice is strong. But he’s not the only local banking executive to have been concerned about hate crimes in the Asian American community. Executives from Bank of America Corp., Banner Bank, Wells Fargo Co., JPMorgan Chase & Co. and Comerica Inc. have also come together to support the cause.

Comerica recently appointed Sonya Trac as National Director of Business Development for Asian Americans, supporting the bank’s continued commitment to
strengthen relationships with Asian American business leaders, entrepreneurs and communities in its main markets of California, Arizona, Florida, Michigan and Texas.

Comerica, like other big banks, has invested money in minority depositories to give them additional capital to lend in minority communities. Comerica recently deposited $ 2.5 million in Westlake-based Royal Business Bank, which is on the lookout for acquisitions in the Asian-American banking community after recently raising $ 120 million as part of a ‘a private debt offer.

Local bankers Jesse Kung and Benjamin Lin joined a nine-person panel from Federal Deposit Insurance Corp. developing strategies to preserve and promote minority depositories nationwide.

Kung is Chairman and CEO of Pasadena-based Evertrust Bank, an institution with $ 989 million in assets, while Lin is Chairman and CEO of Rosemead-based Pacific Alliance Bank, an institution with $ 989 million in assets. assets of $ 358.3 million.

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