Dec 7 - Gateway Bank, San Francisco, has announced that CEO Jeffrey Cheung has been appointed to a newly created Office of the Comptroller of the Currency Minority Depository Institutions Advisory Committee. Cheung will be one of just eight committee members selected from around the nation to serve a two-year term. Currently there are 181 Minority Depository Institutions in the nation and Gateway Bank is ranked 81st based on total assets.
This new committee, which will convene at least twice per year to advise the Office of the Comptroller of the Currency, places Cheung in a unique position to offer input to OCC and share the perspective of minority thrift institutions.
“I’m honored to receive this appointment to the OCC’s Minority Depository Institutions Advisory Committee,” said Jeffrey Cheung, CEO, Gateway Bank. “As one of only 14 remaining minority thrift institutions in the country, Gateway continues to successfully promote financial services for the communities we serve. I am looking forward to working with other members of the committee and the OCC.”
According to the OCC, the Minority Depository Institutions Advisory Committee will offer insights to the OCC’s bank supervision workforce on providing technical assistance, encouraging formation of new minority depository institutions, and safeguarding the minority character of these institutions during mergers and acquisitions. These typically small institutions, which often promote the economic viability of under-served communities, face unique issues in competing with larger banks.
Cheung continued, “Minority thrift institutions have a powerful role to play in job creation and providing loans and banking services. At Gateway Bank, 64 percent of our Quick$ale production came through women and minority owned mortgage banking firms. In addition, 60 percent of our commercial loans are to women or minority owned businesses, businesses located in low to moderate census tracts, or are loans for workforce rental housing. That’s a powerful engine for economic growth and an accomplishment that reflects our strong community relationships.”
About Gateway Bank, FSB
Gateway Bank promotes access to financial services not historically available to the Chinese Community. One of only 14 remaining minority thrift institutions in the United States, Gateway Bank supports a variety of economic development initiatives to strengthen and provide to the communities it serves. Founded in 1990, Gateway Bank now has branches in Oakland and San Francisco with total assets of $247 million. For more information visit www.gatewayfsb.com.