Los Angeles-based Cathay Bank has announced a $1 million donation to the Cathay Bank Foundation to support organizations that work to promote diverse communities and combat anti-Asian hate crimes and xenophobia.
“Racism and xenophobia are antithetical to our values and an affront to what we stand for,” Chang M. Liu, Cathay Bank’s president and CEO said Friday. “We believe in the equality of all people, treating them with fairness, empathy and acceptance. We condemn this violence against Asian Americans as well as against other ethnic groups and will continue to work and support efforts for greater equality in our business, community and society.”
Dunson Cheng, executive chairman of the board, noted a significant uptick in anti-Asian hate crimes nationwide.
“While we all believe in the importance of the fight against anti-Asian sentiment and violence, actions speak louder than words,” he said. “Cathay Bank wants to show our support by providing funds to organizations that serve the Asian American communities and provide invaluable education to the community at large.”
Organizations supported by the Cathay Bank Foundation in their fight against hate crimes and discrimination in the Asian American communities include: Rising Sun Center for Opportunity, Asian Americans Advancing Justice, the National Asian American Coalition, the National Diversity Coalition, Pacific Asian Consortium in Employment, Asian Pacific Community Fund, Center for Asian Americans United for Self-Empowerment, Vermont Slauson EDC and East Bay Asian Local Development Corp.
Cathay Bank was founded in 1962 to support Los Angeles’ growing Chinese American community. It operates in nine states and also has as a branch in Hong Kong and representative offices in Beijing, Shanghai and Taipei.