Cathay General Bancorp Announces Director Changes

TL;DR

Cathay General Bancorp board shake-up: Peter Lee out, Tan and Wu in. New directors elected.

AI Summary

Cathay General Bancorp announced on January 17, 2025, the departure of director Peter G. Lee and the election of two new directors, Robert J. Tan and David L. Wu, effective immediately. The company also reported on compensatory arrangements for certain officers.

Why It Matters

Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing primarily concerns routine board changes and compensatory arrangements, with no immediate financial distress or significant operational shifts indicated.

Key Players & Entities

• CATHAY GENERAL BANCORP (company) — Registrant
• Peter G. Lee (person) — Departing Director
• Robert J. Tan (person) — Newly Elected Director
• David L. Wu (person) — Newly Elected Director
• January 17, 2025 (date) — Effective date of changes

FAQ

Filing Documents

• caty20250118_8k.htm (8-K) — 30KB
• ex_767440.htm (EX-99.1) — 7KB
• ex_767440img001.jpg (GRAPHIC) — 5KB
• 0001437749-25-001438.txt ( ) — 176KB
• caty-20250117.xsd (EX-101.SCH) — 3KB
• caty-20250117_def.xml (EX-101.DEF) — 11KB
• caty-20250117_lab.xml (EX-101.LAB) — 15KB
• caty-20250117_pre.xml (EX-101.PRE) — 11KB
• caty20250118_8k_htm.xml (XML) — 3KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Cathay General Bancorp (the "Company") announced that Kim R. Bingham will retire as Chief Risk Officer of Cathay Bank effective January 21, 2025. Mr. Bingham was the Chief Risk Officer of Cathay Bank since 2014. He will continue to serve Cathay Bank as Executive Vice President, Special Advisor to the Office of the President for a transition period that is anticipated to end on or about March 31, 2025, but will no longer be a designated executive officer of Cathay Bank. Succeeding Mr. Bingham, Diana Deen will join Cathay Bank as Executive Vice President and Chief Risk Officer on January 21, 2025, and will be a designated executive officer of Cathay Bank. Diana Deen, age 62, has over 20 years of banking experience and has held key leadership roles in areas of risk management and compliance, overseeing information technology and operational strategies focused on business transformation. Ms. Deen was with Bank of the West (now part of Bank of Montreal) from 2018 to 2023, where she served as Executive Vice President, Head of Operational Risk for its Basel Operational Risk Program and was appointed as the Chief Ethics and Conduct Officer in 2022. Prior to that, she served as Executive Vice President, Head of International Risk Oversight at Wells Fargo between 2013 and 2017 and was the Managing Director, Head of Global Compliance Strategy, Technology and Operations at JPMorgan Chase between 2008 and 2013 where she oversaw enterprise-wide strategic and remedial activities. There are no family relationships between Ms. Deen and any director or executive officer of the Company, and there are no relationships between Ms. Deen and the Company that require disclosure under Item 404(a) of Regulation S-K.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release of Cathay General Bancorp, dated January 17, 2025 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: January 17, 2025 CATHAY GENERAL BANCORP By: /s/ Heng W. Chen Heng W. Chen Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR