Day 189: East West Bank, Los Angeles, California
📌APIA Every Day (189) - East West Bank was established in 1973 in Los Angeles’ Chinatown, marking a significant development as the first federally chartered savings institution specifically dedicated to serving the financial needs of Chinese Americans. Founded by a group of eight individuals, the bank was created to address the barriers faced by the Chinese American community, such as language and cultural differences, which were not adequately met by mainstream banks at the time.
In its initial years, East West Bank made a substantial impact by providing bilingual services in Mandarin and Cantonese, which was crucial for many Chinese Americans who were more comfortable in these languages. This service helped overcome communication barriers and allowed community members to better navigate banking processes. The bank also played a key role in supporting Chinese American small businesses by offering loans and credit lines, helping them thrive despite the challenges of securing financing from traditional banks.
The bank’s commitment to serving the community led to significant growth in the 1980s and 1990s. In 1984, East West Bank relocated its headquarters from Chinatown to San Marino, California, to better serve the expanding Chinese American population in the surrounding suburban areas. After being acquired by the Nursalim family of Indonesia in 1991, the bank underwent several important innovations. It introduced the first trilingual ATMs in the U.S. in 1994, providing services in English, Chinese, and Spanish. Additionally, it launched bilingual online banking services in 2000, making digital banking more accessible.
In the 2000s, East West Bank continued to broaden its influence and cultural engagement. It established in-store branches in Asian American supermarkets like 99 Ranch Market, enhancing its accessibility to the community. The bank also formed partnerships with prominent cultural institutions, such as the Museum of Contemporary Art in Los Angeles, to showcase contemporary Chinese art to American audiences. Its expansion continued internationally, including a representative office in Beijing and further growth across the U.S. and Asia. Today, East West Bank operates over 120 locations, reflecting its significant role in serving a diverse clientele and maintaining its commitment to bridging financial services between the East and West.
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Next Shark: How East West Bank bridged opportunities for Asian American success
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