Asian American–owned banks play an important role in the U.S. financial system. While they serve customers from all backgrounds, many of these institutions were created to support immigrant communities, small businesses, and families who may not have been well served by traditional banks.
Today, Asian Americans are the fastest-growing racial group in the United States, and the growth of Asian American–owned banks reflects that trend. These banks now make up the largest share of minority depository institutions (MDIs) in the country.
Below is a clear, easy-to-understand overview of what these banks are, why they matter, and which Asian American–owned banks are currently the largest and most successful.
What Is a Minority Depository Institution (MDI)?
A minority depository institution is a federally insured bank or savings institution that meets at least one of the following conditions:
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At least 51% of its voting stock is owned by minority individuals, or
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Most of its board members are minorities, and the bank primarily serves a minority community
To qualify, owners must be U.S. citizens or permanent residents. In recent years, regulators expanded the definition to also recognize women-owned financial institutions.
Among all MDIs in the U.S., Asian American–owned banks represent the largest single group, with more than 70 institutions nationwide.
Why Asian American–Owned Banks Matter
Banks are essential to everyday life. They help people:
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Safely store money
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Get paid and pay bills
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Buy homes and cars
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Start and grow businesses
Asian American–owned banks often specialize in serving customers who:
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Are immigrants or first-generation Americans
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Run family-owned or international businesses
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Need multilingual banking services
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Send or receive money across borders
Asian Americans as a group have high average incomes, but they also experience significant income inequality. Some households earn very high wages, while others struggle financially. Banks that understand these differences are better positioned to serve a wide range of needs—from basic checking accounts to commercial lending.
The 10 Largest Asian American–Owned Banks (By Assets)
Below are ten of the most prominent Asian American–owned banks currently operating in the United States. They are listed roughly by size and overall reach.
1. East West Bank
Founded: 1973
Headquarters: California
East West Bank is the largest Asian American–owned bank in the U.S. It was originally created to serve Chinese American communities in Southern California and has since grown into a major international financial institution.
What it’s known for:
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Strong U.S.–Asia business banking
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International trade and cross-border services
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Extensive branch network
2. Cathay Bank
Founded: 1962
Headquarters: California
Cathay Bank is the oldest Chinese American–founded bank still operating in the U.S. It has a long history of supporting small businesses and community organizations.
What it’s known for:
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Consistent financial performance
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Business and international banking
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Long-standing community involvement
3. Bank of Hope
Founded: Through mergers of Korean American banks
Headquarters: California
Bank of Hope is the largest Korean American bank in the country and serves one of the biggest Korean American populations in the U.S.
What it’s known for:
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Small business lending
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Community education and scholarships
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Strong presence in major metro areas
4. Hanmi Bank
Founded: 1982
Headquarters: California
Hanmi Bank was created to support Korean immigrants who lacked access to traditional banking services. It continues to emphasize community engagement and education.
What it’s known for:
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Business and real estate lending
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Community volunteer programs
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Support for at-risk youth
5. Preferred Bank
Founded: 1991
Headquarters: California
Preferred Bank focuses on serving middle-market businesses, especially those involved in manufacturing, trade, and international commerce.
What it’s known for:
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Specialized business banking
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Trade finance services
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Fewer branches, but highly targeted clients
6. CTBC Bank
Founded: 1989
Headquarters: New York / California
CTBC Bank operates in the U.S. but is backed by a major Taiwanese financial group. It was one of the first Asian American banks with a presence on both coasts.
What it’s known for:
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Personal and commercial banking
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Wealth management
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Cross-border financial services
7. Leader Bank
Founded: 2002
Headquarters: Massachusetts
Leader Bank began as a small community bank in the Boston area and has grown steadily while remaining privately owned.
What it’s known for:
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Residential mortgages
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Community banking
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Personalized customer service
8. Royal Business Bank
Founded: 2008
Headquarters: California
Despite being one of the youngest banks on this list, Royal Business Bank has earned recognition for strong performance and growth.
What it’s known for:
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Business and commercial lending
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International banking
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Rapid expansion
9. Woori America Bank
Founded: 1984 (U.S. operations)
Headquarters: New York
Woori America Bank is the U.S. subsidiary of a major South Korean bank and serves customers across several states.
What it’s known for:
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Remittance services
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Personal and business banking
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Large international ATM access
10. Metro City Bank
Founded: 2006
Headquarters: Georgia
Metro City Bank has grown quickly through expansion and acquisitions, serving both personal and business customers across multiple states.
What it’s known for:
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Small business lending
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Commercial real estate loans
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Strong growth in the Southeast
How Many Asian American–Owned Banks Are There?
As of late 2025, there are 73 Asian American–owned banks operating in the United States. Many are concentrated in major financial and immigrant hubs such as California, New York, Texas, and the Northeast.
Common Questions
Is Bank of America owned by China?
No. Bank of America is an American company. While it previously had a partnership with a Chinese bank, it no longer owns any stake in that institution.
What is the largest bank in China?
The largest bank in the world by total assets is the Industrial and Commercial Bank of China (ICBC).
The Bottom Line
Asian American–owned banks have grown alongside the communities they serve. By understanding cultural, language, and business needs, these banks have built strong customer relationships and long-term success.
Whether you’re looking for a community-focused bank, international services, or small business support, Asian American–owned banks offer solid options—and their influence in the U.S. financial system continues to grow.
