OVERVIEW: The Cathay Bank Foundation seeks to “create opportunities” for the geographic areas its banks serve, with those opportunities touching upon many different sectors of need and community development.
IP TAKE: Health is a stated focus area for this foundation, with an emphasis on education and prevention. Within Cathay Bank Foundation’s regions of interest (based on where its banks are), the foundation emphasizes Asian American and Asian immigrant populations. This funder also focuses on fairly established organizations that can show several previous years of programmatic, organizational and financial successes.
Cathay Bank opened in 1962, “with the mission of providing financial services to the growing but underserved Chinese-American community,” starting in Los Angeles as the first Chinese-American bank in Southern California, and expanding from there with a “rapid expansion. . . fueled by successive waves of immigration, burgeoning trade between America and Asia, and the economic development of the surrounding community.”
By extension, the Cathay Bank Foundation's mission is “to enhance the growth and success of communities in which the Bank serves.” The foundation lists affordable housing, community and economic development, and education as its three largest priorities, with additional consideration given to arts and culture, health and welfare, environmental issues, human services needs, and “programs that benefit the communities at large.”
That is, so long as those “communities at large” are in the states of California, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Texas and Washington, which are currently where its banks are located.
While the Cathay Bank Foundation explicitly lists health as a secondary focus, its recent giving looks more like health is pretty much a top priority. The foundation specifically lists education and prevention "targeted to conditions such as diabetes, obesity, and asthma" as one focus area. Fitness and nutrition is another.
All programs supported by the Cathay Bank Foundation, including those in the realm of public health, should focus on at-risk and low/middle income (LMI) populations. And while the foundation does give beyond its connections to Chinese and Asian Americans, there’s no question those racial, ethnic, and immigrant groups are priorities.
Most grants fall in the $1,000 - $10,000 range, though public health grants trend higher. Recent public health grantees include:
- $30,000 to Self Help for the Elderly (San Francisco, CA)
- $13,000 to No Limits for Deaf Children (Culver City, CA)
- $10,000 to the Tzu Chi Medical Foundation (Alhambra, CA)
- $10,000 to Asian Health Services (Oakland, CA)
- $10,000 to Project Vision (Berkeley, CA)
- $2,500 to the KNOWAutism Foundation (Houston, TX).
The Cathay Bank Foundation has an LOI open to all, inviting anyone who fits the bill to submit a traditional LOI letter on a rolling basis. From there, its invite-only grant application has an August deadline; plan your LOI submission accordingly.
Peter Wu, Chairman of the Board, President, and Chief Executive Officer
Deborah F. Ching, Co-Chairman of the Board