Far East National Bank refinanced $760,000 in capital notes for the shareholders of Founders National Bank, another minority-owned Los Angeles institution.
"We are happy to be able to assist another minority bank in Los Angeles," said Henry Hwang, chief executive of Far East. "Founders is providing a much needed service in an area that is underbanked."
Far East was the first federally chartered Chinese-American bank in the nation. Founders is a black-owned bank that got started in 1992 with the purchase of the deposits and some assets of the failed Founders Federal Savings and Loan Association.
The Founders capital notes originated in 1992 when the bank issued $1.9 million of them to finance the deposit transaction.