Cathay Bank Welcomes New Chief Risk Officer Amid Leadership Transition

Cathay General Bancorp (Nasdaq: CATY), the holding company for Cathay Bank, recently announced significant changes in its risk management division. Kim R. Bingham, the current Chief Risk Officer (CRO) of Cathay Bank, will retire effective January 21, 2025. Bingham will continue to serve Cathay Bank as Executive Vice President, Special Advisor to the Office of the President for a transition period that is anticipated to end on or about March 31, 2025. However, he will no longer be a designated executive officer of Cathay Bank.

Succeeding Bingham is Diana Deen, who will join Cathay Bank as Executive Vice President and Chief Risk Officer effective January 21, 2025. Deen will be a designated executive officer of Cathay Bank. With over 20 years of banking experience, Deen has held key leadership roles in areas of risk management and compliance, overseeing information technology and operational strategies focused on business transformation. Most recently, she served as Executive Vice President, Head of Operational Risk for Bank of the West's Basel Operational Risk Program and was appointed as the Chief Ethics and Conduct Officer in 2022. Prior to that, she served as Executive Vice President, Head of International Risk Oversight at Wells Fargo between 2013 and 2017 and was the Managing Director, Head of Global Compliance Strategy, Technology and Operations at JPMorgan Chase between 2008 and 2013.

The transition period for Bingham as Special Advisor to the Office of the President will facilitate a smooth handover of responsibilities to Deen. During this time, Bingham can provide valuable insights and guidance to Deen on the bank's risk management strategies, policies, and procedures. This includes sharing his understanding of the bank's risk profile, key risk areas, and the current risk management framework. By doing so, Bingham can help Deen quickly familiarize herself with the bank's risk landscape and ensure a seamless continuation of risk management activities.

Additionally, Bingham can assist Deen in building relationships with key stakeholders within the bank and the broader financial industry. This includes introducing Deen to relevant internal teams, such as compliance, finance, and operations, as well as external partners, such as regulators and auditors. These relationships are crucial for Deen to effectively perform her role as CRO and ensure that Cathay Bank maintains a strong risk management culture.

Furthermore, Bingham can help Deen understand the bank's risk management technology and systems. This includes providing training and support on the use of risk management software, data analytics tools, and other relevant technologies. By doing so, Bingham can help Deen quickly become proficient in the use of these tools and ensure that the bank's risk management processes remain efficient and effective.

In conclusion, the retirement of Kim R. Bingham and the appointment of Diana Deen as Cathay Bank's new Chief Risk Officer mark an important transition in the bank's risk management leadership. The transition period for Bingham as Special Advisor to the Office of the President will facilitate a smooth handover of responsibilities to Deen, ensuring minimal disruption to the bank's operations and risk management processes. With her extensive experience in risk management and compliance, Deen is well-positioned to lead Cathay Bank's risk management efforts and help the bank maintain a strong risk management culture.