LOS ANGELES - Cathay General Bancorp (NASDAQ:CATY), the parent company of Cathay Bank, announced the appointment of Ann Yee Kono and Elizabeth Woo to its Board of Directors. The election occurred at the Company's Annual Stockholder's Meeting on May 13, 2024, and the Bank's Board of Directors meeting the following Thursday.
Ann Yee Kono, founder and CEO of Leda Advisory Group, brings over two decades of financial industry experience, focusing on operational scale and digital transformation. Her previous tenure at Ares Management (NYSE:ARES) Corporation as Chief Information and Risk Officer highlighted her expertise in overseeing operational, investment, and enterprise risks. Kono holds an MBA in Finance and has a history of leadership roles, including Chief Technology Officer and Head of Operations at Ares.
Elizabeth Woo, a Lecturer of Accounting at UCLA, possesses over 20 years of experience in accounting and financial services. Before her academic role, Woo served as Head of Audit Methodology and Managing Director at Crowe, LLP, and as a Senior Manager in the National Assurance Office of BDO, LLP. She is also a Certified Public Accountant and holds an MBA.
Executive Chairman of the Board, Dunson K. Cheng, expressed enthusiasm for the new appointments, noting Kono's strategic insights and proven risk management track record, and Woo's deep knowledge of data analytics and audit oversight. He emphasized the value of their expertise and fresh perspectives to the Board.
Cathay General Bancorp, established in 1962, is a publicly traded company operating more than 60 branches across the United States, with additional international presence in Hong Kong, Beijing, Shanghai, and Taipei. The appointments of Kono and Woo come as the company continues to expand its financial services and enhance its governance structure.
The information in this article is based on a press release statement from Cathay General Bancorp.
InvestingPro Insights
As Cathay General Bancorp (NASDAQ:CATY) welcomes Ann Yee Kono and Elizabeth Woo to its Board of Directors, the company's financial standing and future outlook become increasingly important to investors and stakeholders.
With a market capitalization of $2.75 billion and a Price/Earnings (P/E) ratio of 8.35, the bank appears to be valued attractively compared to industry peers. This is especially relevant considering the company's history of maintaining dividend payments for 34 consecutive years, a testament to its financial stability and commitment to shareholder returns.
InvestingPro data shows a dividend yield of 3.57% as of the last dividend ex-date, which was on February 27, 2024, signaling a potential draw for income-focused investors. Meanwhile, the company's operating income margin for the last twelve months as of Q1 2024 stands at an impressive 63.69%, highlighting efficient management and strong profitability.
These figures are particularly noteworthy in light of the InvestingPro Tips indicating that analysts predict the company will be profitable this year and has been profitable over the last twelve months, despite expectations of a net income drop this year.
For investors seeking further insights and analysis, there are additional InvestingPro Tips available at Investing.com, which delve into the company's performance and prospects. Utilizing the coupon code PRONEWS24, readers can access these insights with an extra 10% off a yearly or biyearly Pro and Pro+ subscription, uncovering more about Cathay General Bancorp's potential in the banking sector.
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