Banking on It - December 2007

First Asian Bank

Betting on the Asian Business District

by April McCoy

The town once known only for its mobster connections and rat pack performances is rapidly evolving into a city of diversity sustaining a wealth of different cultures. First Asian Bank, locally owned and operated, opened its first location in July 2007, following with a second location in September. With Southern Nevada’s vastly growing Asian population of 250,000, opening a bank that accommodated the Asian business community was vital for its continuing growth.

First Asian serves a broad spectrum of retail and commercial clients, as well as small to mid-sized professional businesses including medical and dental. The bank’s total assets are $30 million, with a goal of reaching $80 million to $100 million in assets before opening a third location. “Our strategy to open two locations within the first year was planned from the beginning,” said William Chu, CEO of First Asian Bank. The first location, on Jones Boulevard, is close to the Valley’s “Chinatown” or “Asian business district,” as Chu refers to it. However, it was important that the second branch to be located in the heart of the Asian business district in order to attract retail clientele, according to Chu. Serving both locations, the bank’s 19 employees speak a total of seven different languages. The front office employees – those dealing with clients – primarily speak Asian dialects because many of the bank’s clients don’t speak English, while the back office – administration – is more diverse.

First Asian Bank will continue to expand the languages spoken at its branches, and currently, the bank is seeking Japanese speaking staff. First Asian works with the University of Nevada, Las Vegas School of Business to provide internships and recruit international students fro employment – hoping to increase the number of languages currently spoken by its customer service representatives.  “We are fortunate that UNLV has a large international student base we can tap into,” said Chu. With the influx of international students, tourists and business, the bank is excited for the future, and ready for the expansion of the international business marketplace in the city.  

Although the bank caters to the needs of the Asian-American community, its services aren’t restricted solely to this market segment. “We are not exclusive to the Asian community,” said Chu. “We serve a diverse client base.” Understanding the language, rules and regulations, as well as being able to trust the institution storing one’s money is very important to the Asian community. First Asian Bank strives to operate as a cultural bridge, serving to connect the many diverse nationalities represented throughout its client base. With organizers and founders who have strong ties to the Las Vegas area, primarily with the growing Asian-American population, First Asian successfully fills a previously underserved financial niche in Southern Nevada.  

Prior to moving to Las Vegas, Chu served as president and CEO of United Pacific Bank, a state-chartered, FDIC-insured financial institution serving small business communities throughout the Los Angeles area. Upon accepting the position as First Asian Bank’s CEO, Chu relocated to Southern Nevada and quickly mastered the community’s unique market demands. “This city has a lot of opportunity for growth as an international place of business,” Chu said.

Although, First Asian was the initial, it is no longer the only bank to cater to the Valley’s Asian business community. However, its status as the only locally-owned and operated Asian bank allows First Asian to remain versatile when responding to the distinctive needs of its clientele. The bank will continue to work hard to earn its clients’ trust and create a service-oriented environment to fulfill their financial needs.