First American International Bank
Encyclopedia
First American International Bank (恆通銀行) is an overseas Chinese bank in the United States
. Headquartered in Brooklyn
, with branch offices
in Chinatown, Manhattan
and in Chinatown, Flushing
, this privately-held community bank
was first established on November 15, 1999.
The bank was first established to serve Asian
, Chinese
, low-income, recent immigrants located in the five boroughs
of New York City
, because these people lack the necessary credit history
, and thus would often likely to be turned down by other mainstream banks. Nearly 80% of First American National Bank's basic banking account services, consumer and business loans, and mortgages have been made in low-moderate income and distressed areas as defined by the United States Department of the Treasury
.
The bank survives in the fierce competition by venturing into new services such as providing pre-credit and post-credit counseling to customers, and also working year-round with local social service organizations such as the Chinese American Planning Council in conducting educational and counseling sessions on the use of basic banking services, personal credit, and housing mortgages for Chinese immigrants. Its secured credit card
programs for new immigrants to build credit history
has been widely used.
The bank has been designated as a Certified Community Development Financial Institution (CDFI) by the United States Department of the Treasury.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Headquartered in Brooklyn
Brooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
, with branch offices
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
in Chinatown, Manhattan
Chinatown, Manhattan
Manhattan's Chinatown , home to one of the highest concentrations of Chinese people in the Western hemisphere, is located in the borough of Manhattan in New York City...
and in Chinatown, Flushing
Chinatown, Flushing
Chinatown, Flushing, or Flushing Chinatown , in the Flushing area of the borough of Queens in New York City, is one of the largest and fastest growing ethnic Chinese enclaves outside of Asia, as well as within New York City itself...
, this privately-held community bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
was first established on November 15, 1999.
The bank was first established to serve Asian
Asian people
Asian people or Asiatic people is a term with multiple meanings that refers to people who descend from a portion of Asia's population.- Central Asia :...
, Chinese
Chinese people
The term Chinese people may refer to any of the following:*People with Han Chinese ethnicity ....
, low-income, recent immigrants located in the five boroughs
Borough (New York City)
New York City, one of the largest cities in the world, is composed of five boroughs. Each borough now has the same boundaries as the county it is in. County governments were dissolved when the city consolidated in 1898, along with all city, town, and village governments within each county...
of New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, because these people lack the necessary credit history
Credit history
Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy...
, and thus would often likely to be turned down by other mainstream banks. Nearly 80% of First American National Bank's basic banking account services, consumer and business loans, and mortgages have been made in low-moderate income and distressed areas as defined by the United States Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
.
The bank survives in the fierce competition by venturing into new services such as providing pre-credit and post-credit counseling to customers, and also working year-round with local social service organizations such as the Chinese American Planning Council in conducting educational and counseling sessions on the use of basic banking services, personal credit, and housing mortgages for Chinese immigrants. Its secured credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
programs for new immigrants to build credit history
Credit history
Credit history or credit report is, in many countries, a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy...
has been widely used.
The bank has been designated as a Certified Community Development Financial Institution (CDFI) by the United States Department of the Treasury.