Fung Chow Chan (Mar 1, 1909–Jan 29, 2001),[2] emigrated from Guangdong to Los Angeles in 1933 to join his father's silk business and founded the Phoenix Bakery in Chinatown with his wife Wai Hing in 1938;[3] the success of the bakery's strawberry cream cake, developed by his brother Lun, allowed him to be one of the first Asian Americans to integrate the Silver Lake neighborhood.

[4] However, he was denied a home loan because he was an immigrant, which spurred him to organize local community leaders and apply for a bank charter.

[2] Chan hired Eugene Kinn Choy, an architect responsible for many prominent buildings in Chinatown, to design the new bank's headquarters, which opened in 1966 at 777 N Broadway.

[5] The International Modern building incorporates the cultural heritage of its founders in the shape of the roof and the four Chinese characters running down the facade.

[13] On March 31, 2006, Cathay announced plans to acquire a 20% stake in the First Bank, but the deal fell through because the companies failed to get approval from the Chinese government.

[15] The result of the merger increased Cathay Bank's presence in New York as well as added Maryland to its list of service areas.