The longtime chairman and chief executive of Cathay General Bancorp will relinquish his CEO title this fall and the company's bank president is set to succeed him.

Dunson Cheng will retire on Oct. 1 as CEO of the $13.4 billion-asset Los Angeles company and CEO of Cathay Bank. Pin Tai, president of Cathay Bank, will assume both CEO titles at that time. Cheng will remain chairman of the bank and holding company.

Cheng has been chairman and CEO of the Chinese-American bank and holding company since 1994. The 71-year-old Cheng, who has a doctorate in physics, has been a director of Cathay Bank since 1982.

Tai, 62, joined Cathay Bank in 1999 and has been president since April 2015. He has held a variety of management positions at the bank, including chief lending officer.

Tai's promotion was made subject to Cathay's previously approved succession plan, the company said in a Friday news release.

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