BEA Overview Report
East West Bank is a unique force in the U.S. financial markets, with a vision of "connecting the East and the West, creating the future together", with a strong performance in retail, commercial and cross-border finance. Founded in Los Angeles in 1973 as a federal savings and loan association, it focused on serving the Chinese-American community and filling financial gaps that mainstream banks have neglected. Headquartered in Pasadena, California, USA, and a wholly owned subsidiary of East West Bancorp, Inc. (NASDAQ: EWBC), BEA serves more than 550,000 customers and is the largest state-chartered bank in the United States with its solid financial performance and innovative capabilities.
Basic Information
The Bank of East Asia is a privately owned commercial bank founded in 1973 and headquartered in Pasadena, CA 91101, USA. Founded by Chinese Americans, the bank expanded in 1991 through the acquisition of Pacific Coast Savings, became a state-chartered commercial bank in 1995, and was led by Dominic Ng, the current chairman and chief executive officer, in 1992. The Bank of East Asia Corporation was listed on NASDAQ in 1998 (ticker symbol: EWBC) and its major shareholders include institutional investors (e.g. Capital Research & Management) and public shareholders. Banks are regulated by the Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (DFPI), and are subject to the U.S. Banking Act and international financial standards. Its deposits are protected by the FDIC, with a maximum coverage of $250,000 per depositor and $500,000 in joint accounts. The Bank's SWIFT code is EWBKUS66 and the Legal Entity Identifier (LEI) is 5493007T4IX8QJVE4G29. BEA has more than 110 branches in seven US states (California, Georgia, Illinois, Massachusetts, New York, Texas, Washington) and Asia (China, Hong Kong) and Asia (China, Hong Kong), with a total of approximately 3,198 employees in 2024.
Deposit & Loan Products
Deposits
BEA offers a wide range of deposit products to meet the savings needs of individual and corporate customers:
Fixed deposits: Support USD, RMB and other currencies, deposit terms from 32 days to 5 years, the minimum deposit is 1000 USD. In 2025, the interest rate on fixed deposits can reach up to 3.5% (12 months, the deposit amount is less than $1 million), which needs to be queried through online banking.
Featured products:
High Yield Savings Accounts: such as "Premier Savings", which offers an annualized interest rate of up to 0.5%, requires maintaining a balance of more than $10,000, and has no monthly fee, suitable for high-net-worth customers.
Large Certificates of Deposit (CD): Support flexible tenor, interest rate needs to be queried through branches or applications, early withdrawal penalty is 90 to 180 days of interest, suitable for large amount of money customers.
Customers can check the "Cloud Interest Rate" offer through the "BEA" app or online banking, and deposit products can be opened and calculated instantly, and some accounts can be offered free of transaction fees.
Current Deposits: Including checking accounts and savings accounts, such as "Value Checking" and "Premier Savings", with a minimum opening amount of $100 and a base annualized rate of return (APY) of approximately 0.01%-0.2%, subject to confirmation of the latest interest rate through branch or online banking. $5 monthly maintenance fee for Value Checking, waived with $1,500 average monthly balance or $5,000 combined deposit balance; Premier Savings has a monthly maintenance fee of $3 and can be waived with a $2,500 average monthly balance or a $10,000 combined deposit balance.
loans
BEA offers a comprehensive range of loan products to meet diverse financing needs:
mortgages: Fixed- and variable-rate mortgages with a loan amount of up to 80% of the value of the property and a repayment period of up to 30 years. In 2025, the fixed interest rate will be as low as 3.5% (30-year term), the floating interest rate will be based on the Prime Rate (about 6.5%), and cash rebates will be provided, and the application will require a credit score of 700 or more and an annual income of more than $50,000.
Car Loans: Support new and used car financing, with a loan amount of up to $500,000, a term of up to 7 years, an annualized interest rate (APR) as low as 3.0%, and a credit score of 660 or above.
Personal Line of Credit: Includes personal loans (APR as low as 5.5% and maximum amount of $100,000) and asset-backed overdrafts (up to 95% of the collateral market value) with a monthly salary of at least $50,000 and a good credit history.
Flexible repayment options: Mortgages and personal loans offer no penalty for prepayment, monthly or bi-weekly payment plans, and a revolving line of credit for flexible debt management.
All loans are subject to bank approval, and customers are required to provide credit history, proof of income and asset information, subject to the terms of the loan agreement. The bank's SME loan services, such as SBA 7(a) loans, offer fast approval and a discount on application fees of up to $2,500.
Digital service experience
BEA's mobile banking app, The Bank of East Asia, is at the heart of its digital services, available for download on iOS 14.0 and above and Android 9.0 and above, with an App Store rating of around 4.6 and a Google Play rating of around 4.4, with users praising it for its quick launch (within 2 seconds) and intuitive interface (BEA app). Core features include:
Face recognition: supports biometric authentication (such as Face ID and Touch ID), combined with strong encryption technology to ensure transaction security.
Real-time transfers: Support instant transfers in US dollars with a daily limit of up to $2,500 through Zelle, international money transfers to more than 100 countries, and low-rate transfers in partnership with Western Union.
Bill management: Support online bill payment, automatic deduction and e-statement, and classify transaction records in real time.
Investment Tool Integration: Support stocks, ETFs, and mutual fund inquiries through a wealth management platform that provides real-time market data and investment advisory services.
The online banking platform "db OnlineBanking" supports multiple browsers and provides similar functions, allowing customers to open an account in less than 5 minutes through the app or official website. The app supports accessibility features such as dynamic font adjustment and VoiceOver compatibility for visually impaired and hearing-impaired customers. In 2023, 65% of customers complete transactions through digital platforms, significantly improving the user experience.
Technological innovation
BEA has made steady progress in the fintech sector, leveraging its IT team to drive digital transformation:
AI customer service: Introduce an AI-driven customer service system to analyze transaction behavior, detect fraud risks in real time, automate 80% of customer inquiries by 2023, and plan to launch a virtual assistant in 2025 to support 24/7 inquiries and personalized financial advice.
Open Banking API Support: Follows the U.S. Open Banking Framework, integrates with third-party service providers, provides account management and financial services interoperability, and supports 35 deposit and loan servicing APIs by 2024.
Mobile payment platform: support Apple Pay, Google Pay and other mobile payments, mobile check deposit function to simplify operation; Partner with Zelle in 2023 to enhance the instant transfer experience.
Other innovations: Partnering with AWS to optimize the cloud-based trading system to ensure service stability; Launched a digital SBA loan application process that shortens the approval time to 3 days. In 2024, the bank will invest US$100 million to upgrade its cloud technology and data analytics platform to improve operational efficiency.
Featured Services & Differentiation
BEA is known for its support of the Chinese community and cross-border financial services:
Chinese community supportSince its establishment in 1973, the bank has focused on serving Chinese Americans, providing multi-language services (English, Mandarin, Cantonese), launching exclusive accounts for students and seniors (such as Student Plus Savings, Senior Savings), waiving monthly fees, and lowering the financial barrier.
Cross-border finance: As a financial bridge between the U.S. and Asian markets, the bank provides trade finance, foreign exchange services and cross-border investment advisory through its branches in Hong Kong and Shanghai, and its cross-border transaction volume increased by 15% in 2023.
SME Loans: Rapid financing for SMEs through SBA 7(a) loans and the Fast-Track program, with SME loan balances reaching US$5 billion in 2023, representing 30% of the total loan portfolio.
Wealth Management: Providing customized portfolio and trust services to high-net-worth clients, with approximately US$10 billion in assets under management in 2023, serving Chinese entrepreneurs and Asia-Pacific investors.
Community Contribution: Supporting education and philanthropic projects through the Bank of East Asia Foundation, donating US$5 million in 2023 for community development and Chinese American cultural activities, partnering with institutions such as the Los Angeles Museum of Art.
Market Position & Accolades
The Bank of East Asia is the largest state-chartered bank in the United States, with total assets of over US$76 billion in 2024, ranking as the 40th largest bank in the United States. The bank has more than 110 branches, serving 550,000 customers, with a deposit balance of US$60.36 billion and a loan balance of US$52.1 billion, with a Texas ratio of only 2.56% to non-performing assets, indicating a strong credit profile. In 2023, BEA was named the "Best Bank in the U.S. by S&P Global Market Intelligence for Over $10 Billion in Assets" and the "Best Bank with Assets Over $5 Billion" by Bank Director for two consecutive years (2023-2024). The bank is a leader in finance for the Chinese American community and small and medium-sized businesses, and ranks among the top 10 in California in terms of retail deposit market share in 2023. Key accolades include:
2023 S&P Global Market Intelligence "Best Bank in America" award.
2023-2024 Bank Director "Best Bank with Assets Over $5 Billion" Award.
2022 American Banker Best Regional Bank nominee.
BEA's solid financial performance and community focus have made it a benchmark for the U.S. banking industry.
Conclusion
With more than 50 years of history, localized services and innovative financial products that are deeply rooted in the Chinese community, BEA has become a unique bridge to the U.S. financial market. It offers a wide range of deposit and loan products to meet the diverse needs of its customers. Digital services provide efficient real-time transfer and investment management capabilities through the BEA app. Technological innovations, including AI customer service, open banking APIs, and mobile payment platforms, demonstrate its forward-looking digital transformation. With its Chinese community support, cross-border financial expertise, SME lending and multiple industry accolades, BEA continues to demonstrate strong competitiveness and influence in the U.S. and Asian financial markets.
Note:
specific interest rates and product details may vary due to market changes, please check the BEA website or check with the bank directly for the latest information.
