＜Taipei＞ In spite of current financial turmoil, EverTrust Bank (EverTrust), a subsidiary of the industrial Bank of Taiwan (IBT), continued to expand its presence by establishing two branches in Los Angeles and Silicon Valley respectively on Feb. 25 and Feb. 27, 2009. Chairman Kenneth Lo of IBT flew to the U.S. to host the opening ceremonies. He commented that EverTrust has a fairly promising prospect because of its sound financial structure amid the current re-shuffling of the financial market.
Also assuming the chairmanship of EverTrust, Chairman Lo indicated that the bank focuses on serving overseas Chinese clients. It has had a long experience in developing banking business in the west coast of the U.S. With four branches and a total asset of US$ 300 million, EverTrust was acquired in March 2007 by IBT as a subsidiary bank. Starting 2009, EverTrust aspires to grow at the rate of establishing two branches per year. The expansion is to establish a comprehensive service network to meet the needs of our clients and improve the bank’s competitiveness. Arcadia (L.A.) Branch is opening today, while Cupertino Branch is scheduled to open on Feb. 27. With the two additions, total number of branches amounts to six, which not only expands the geographical scope of the bank but also builds business connections with other cities in California. The ultimate goal is to provide better services to our customers.
The Cupertino branch is located in Santa Clara County in Northern California. There are about 20 financial institutions in Cupertino, of which 6 are branches of overseas Chinese owned banks. The Arcadia branch is in the east of L.A. in southern California. One third of the population in that area is overseas Chinese. Currently there are 28 financial institutions in Arcadia, of which 11 are branches of overseas Chinese owned banks. The two branches have opened for business at the end of 2008.
Headquartered in City of Industry, California, EverTrust Bank was founded by a group of overseas Chinese in 1995. Its major businesses are commercial loans, real estate loans and deposits taking. Its major customers are small and medium businesses in southern California. In 2007, IBT acquired EverTrust Bank and expanded its scope to the U.S. Chairman Kenneth Lo indicated that EverTrust Bank is expected to stand out in the current financial chaos due to its sound financial structure and good asset quality. Enjoying a relatively higher interest rate spread among its peers, EverTrust bank is to continue its path of stable growth and march towards a good prospect, said