Cathay General Bancorp (Nasdaq: CATY) has announced the retirement of Heng W. Chen, the Chief Financial Officer of Cathay General Bancorp and Cathay Bank, effective March 1, 2026. Chen's retirement follows a nearly 42-year career in auditing and finance, including 23 years of service at Cathay. Albert J. Wang, the current Deputy Chief Financial Officer, will succeed Chen as Chief Financial Officer of Cathay and Treasurer of Cathay General Bancorp.
During Chen's tenure, Cathay achieved sustained growth, strong earnings, and consistent value creation for shareholders. Albert J. Wang, who has over 28 years of finance and accounting experience, will take over as the new Chief Financial Officer. Prior to joining Cathay, Wang served as Executive Vice President and Chief Accounting Officer at Webster Bank from 2017 to 2025, and also held financial leadership roles at Banc of California and Santander Bank.
Cathay General Bancorp, the holding company for Cathay Bank, was founded in 1962 and currently operates over 60 branches across the nation in California, New York, Washington, Texas, Illinois, Massachusetts, Maryland, Nevada, and New Jersey. Overseas, it has a branch in Hong Kong, and representative offices in Beijing, Shanghai, and Taipei.
No specific financial metrics or changes in metrics were provided in the press release. Following these announcements, the company's shares moved -0.02%, and are now trading at a price of $50.80. For the full picture, make sure to review CATHAY GENERAL BANCORP's 8-K report.
