Feb 28, 2023
The ugly rhetoric aimed at East West Bank CEO Dominic Ng is a reminder of why our member Minority Depository Institutions (MDIs) exist in the first place. These institutions were born out of racism because, across much of the 20th century, Black, Brown, Indigenous, and immigrant communities could not obtain loans, mortgages, or other financial services from mainstream financial institutions.
East West Bank was opened fifty years ago to provide banking services to Chinese immigrants. Since Mr. Ng took over in 1991, he has grown a $600 million savings and loan into America’s largest MDI with $60 billion in assets – a good portion of that growth coming from financing exports and trade with other parts of the world. Mr. Ng has broadened the bank's board, leadership team, and customer base to be among the most diverse in America.
Today, minority banks and their leaders continue to play a huge role in fostering economic growth and closing the racial wealth gap. That should be applauded.