Asian American-owned banks are FDIC-insured commercial banks designated as Minority Depository Institutions (MDIs), serving Asian American immigrant communities with multilingual banking services. The largest, East West Bank, holds over $70 billion in assets and operates in both the US and Greater China. As of 2026, the FDIC recognizes approximately 75 Asian American MDI banks — the largest category of minority-owned financial institutions by assets. For a credit union overview, see the credit unions guide.
What Are Asian American MDI Banks?
The FDIC designates a bank as an Asian American Minority Depository Institution (MDI) when a majority of its voting stock is owned by Asian American individuals or when a majority of its board of directors is Asian American and the community it primarily serves is an Asian American community.
Asian American MDI banks:
- Are fully FDIC-insured, regulated commercial banks
- Serve anyone — no ethnicity requirement for customers
- Primarily serve Asian American immigrant communities
- Often offer multilingual services as a core differentiator
- Receive technical assistance and examination support from the FDIC’s MDI program
Largest Asian American-Owned Banks (2026)
| Bank | HQ | Assets | Primary Community Served |
|---|---|---|---|
| East West Bank | El Monte, CA | $70B+ | Chinese American, US-China corridor |
| Cathay Bank | Los Angeles, CA | $22B+ | Chinese American |
| Hanmi Bank | Los Angeles, CA | $7B+ | Korean American |
| Preferred Bank | Los Angeles, CA | $6B+ | Chinese American |
| First Bank (Busan) | Los Angeles, CA | $2B+ | Korean American |
| Byline Bank | Chicago, IL | $8B+ | Broad Asian American communities |
| Primis Financial | Virginia | $4B+ | Broad community banking |
| CTBC Bank USA | Los Angeles, CA | $3B+ | Taiwanese American |
| MetroCity Bank | Atlanta, GA | $2B+ | Korean American, South Asian |
| Asia Bank | Various | Varies | Asian American communities |
Asset figures approximate; FDIC MDI designations change — verify current status at fdic.gov.
East West Bank: The Largest Asian American Bank
East West Bank is the only Asian American bank to rank among the 25 largest US banks by assets. Key facts:
- Founded: 1998 in the San Gabriel Valley, California
- Assets: $70+ billion (2026)
- Languages: English, Mandarin, Cantonese
- Special expertise: US-China cross-border transactions, Hong Kong/mainland China business banking, EB-5 investor visa financing
- Products: Full commercial and consumer banking — checking, savings, mortgages, business loans, trade finance, treasury services
- FDIC insured: Yes
- Open to all: Yes — no ethnicity requirement
East West Bank specializes in facilitating banking relationships between US and Chinese entities — a niche where few major banks have equivalent expertise.
Korean American Banks
The Korean American community has a long history of community banking in the US, particularly in California, New York, and Georgia.
| Bank | HQ | Key Characteristic |
|---|---|---|
| Hanmi Bank | Los Angeles, CA | Largest Korean American-owned bank; strong SBA lending |
| PCB Bank | Los Angeles, CA | Focus on Korean American small business |
| CBB Bank | Los Angeles, CA | Community focus on Korean Americans |
| MetroCity Bank | Atlanta, GA | Serves Korean American and South Asian communities |
Korean American banks are particularly known for SBA small business lending — many Korean-owned restaurants, grocery stores, and retail businesses use Korean American community banks for their business financing.
Vietnamese American Banks and Credit Unions
Vietnamese American financial institutions are smaller and more localized but serve an important role in communities like Orange County, CA (Little Saigon), Houston, TX, and New Orleans, LA.
Notable institutions:
- Saigon National Bank (Garden Grove, CA) — focused on Vietnamese American small business
- CTBC Bank USA — serves Taiwanese and broader Asian American communities
- Several NCUA-insured credit unions in California and Texas serve Vietnamese American communities
South Asian and Indian American Banking
The South Asian American community — particularly Indian Americans — is one of the fastest-growing segments of the US Asian American population and has driven growth in institutions serving this community:
- Desi-friendly features to look for: SWIFT/wire transfers to India (low fees), NRE/NRO account equivalents, familiarity with H-1B and F-1 visa banking situations
- Many mainstream banks (Chase, Bank of America) now actively court Indian American customers with India-facing wire promotions
- Credit unions like Digital Federal Credit Union (DCU) have large South Asian member bases in Massachusetts tech corridors
Asian American Credit Unions
Fewer credit unions are specifically Asian American-owned compared to banks, but several serve Asian American communities:
| Credit Union | Community Served | State |
|---|---|---|
| Filipino American Credit Union | Filipino American | California |
| Chinese Community Credit Union | Chinese American | California |
| Korean-American Federal CU | Korean American | California |
| Japanese American Credit Union | Japanese American (legacy) | California |
Most Asian American credit unions are small, community-based institutions in California. The NCUA MDI list at ncua.gov is the most current source.
How to Find Asian American Banks and Credit Unions
- FDIC BankFind Suite — bankfind.fdic.gov — search for MDI-designated banks by state
- FDIC MDI Program — fdic.gov — official Asian American MDI bank list
- NCUA MDI list — ncua.gov — Asian American-designated credit unions
- Asian American Bankers Association (AABA) — member bank directory
Why Bank with an Asian American-Owned Institution?
| Reason | Practical Benefit |
|---|---|
| Multilingual service | Bank in your native language |
| Cultural familiarity | Staff understand immigrant banking situations |
| International wire expertise | Lower fees, faster transfers to Asia |
| Business lending expertise | SBA loans and community business credit |
| Community reinvestment | Deposits fund loans in your community |
| MDI support programs | FDIC technical assistance keeps these institutions stable |
Choosing an Asian American-owned institution keeps capital flowing within the community and supports institutions that would otherwise exit underserved markets. This mirrors the approach in black-owned banks and credit unions, Hispanic and Latino credit unions, and Native American-owned banks and credit unions.
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