In 2008, Peter Long (tirst from left) and Richer San (third from left) traveled to Cambodia to invite Sok An (fourth from left) to participate in the Long Beach New Year parade (Photo: Sok An's office)
The following 2007 article from the Long Beach Press Telegram described who is involved in the Golden Coast BankGolden Coast Bank has community feel
Bank founded by Cambodians to serve residents, small businesses
06/04/2007
By Greg Mellen, Staff writer
Long Beach Press Telegram (California, USA)
Golden Coast Bank staff stand in the building on Long Beach Boulevard. President and Chief Executive Officer William Lu stands at center. (Steven Georges/Press-Telegram)LONG BEACH - The logo is a bit abstract and gives away little: a bird over waves. The name is sufficiently vague: Golden Coast Bank.
But the abstractly decorated and mysteriously named business is unique and distinct. Golden Coast Bank, which celebrates its grand opening on Tuesday, is the first bank in Los Angeles County founded by Cambodians and designed to cater to that community.
However, utter the phrase "Cambodian bank" and President and Chief Executive Officer William Lu, who is half-Cambodian, is quick to interject.
"It's not just a Cambodian bank," Lu says from behind his desk at the bank's offices at 850 Long Beach Blvd. "It's a community bank with a Cambodian focus."
It's a distinction Lu feels is important to understand for a variety of reasons from the legalities to the business sense of inclusiveness.
"Our goal is to serve the underserved and the unbanked community," said Lu, noting that includes substantial Hispanic and black communities, particularly in the bank's neighborhood.
"We don't want to limit ourselves," said Peter Long, one of the bank's founders.
Bank literature is multilingual and employees speak Khmer, English, Korean, Thai, Chinese and Spanish.
The FDIC-insured Golden Coast is off to a modest but hopeful start. Golden Coast has initial capital of $12 million. Bank officials estimate having almost 100 customers so far with accounts and holdings ranging from $100 to $100,000.
Although the bank officially opened its doors May 7, much of the first three weeks have been spent building infrastructure and scrambling to meet various state and federal requirements. So far, the bank has initiated work on a couple of loans and is trying to finalize paperwork, satisfy auditors and test software.
The Cambodian influences in the bank, however, will be clear. The tellers and several bank officers are Khmer speakers and co-founders Richer San and [Peter] Long are both well-known in the Cambodian business community.
The bank will offer a number of important services to Cambodians, including wire and money transfers.
The idea of a bank catering to Cambodians has been around since the 1980s. But San says he was approached by the Cambodian Chamber of Commerce to seriously explore setting up such a bank in late 2002.
While Asian banks have flourished in the Southland, accounting for more than 25 percent of the banks in Los Angeles County, according to the Los Angeles Business Journal, Cambodians have lagged behind.
When San and Long began the process of trying to raise the $1.2 million needed to capitalize the $12 million to start the bank, they learned why.
As with almost any Cambodian endeavor in Long Beach, there are rival camps.
"It was very difficult to raise the seed money," San said. "It was very hard to convince the community it was legitimate."
Many regulations
San said he understands the reluctance, as many Cambodians have been victimized through the years by fraudulent enterprises and scams, promulgated both from within and outside the community.
However, Long noted that American banking is one of the most highly regulated and scrutinized industries.
"I've heard all the things negative that were said," Long said. "We'll show the positive. A few people can't hide the truth. In the long run people will see."
As an example of the regulation, Long said something as simple as using an image of Angkor Wat on the backs of bank checks require multiple leaves of authorization.
Although Long and San were eventually able to cobble together about 170 shareholders, they say only about 15 to 20 percent are from the Cambodian community and Long Beach.
"My community is not very sophisticated," San said, "but we will continue to educate people. This is very new to our community."
As with most major ventures in the Cambodian community, there is no consensus.
Critics have dismissed the Cambodian connection, saying the bank is Chinese.
Lu is half-Chinese, was a former president of the National Association of Chinese American Bankers and most recently headed up a subsidiary of a Taiwanese bank, but he spent his childhood in Cambodia and still holds Cambodian identification documents.
He left Cambodia in 1961 and was educated in France, where he earned his bachelor's degree in business administration and international marketing from Cal State Los Angeles.
Possible anchor
Long and San say the critics are misguided.
First, they say, Lu has an impeccable 34-year record in banking. Secondly, they said they could find no local Cambodians qualified to run a bank.
Lu said he doesn't worry about the Chinese-Cambodian distinctions and that his job is to look after shareholders' interests regardless of ethnicity.
San and Long say if Cambodians want to have a say in the bank, all they need to do is become shareholders, rather than sniping from the sidelines.
"The shareholders are the boss," San said. "My people haven't stood up."
The bank's business plan calls for it to grow about $25 million per year.
San and Long see the bank making its mark as a lender to small businesses, especially along Anaheim Street.
Grand opening
What: Golden Coast Bank
Where: 850 Long Beach Blvd.
When: Tuesday, 4 to 7 p.m.
Features: Ribbon-cutting, local dignitaries, hors d'oeuvres by Sophy's restaurant, Cambodian music.
Cost: Free
Information: (562) 216-6378
The City Council is considering whether to designate a portion of Anaheim Street as Cambodia Town. If it does, San and Long think the bank could be an engine in revitalizing the area.
The bulk of the city's Cambodian-owned businesses are along or near the Anaheim Street corridor.
"This bank will help development on Anaheim (Street)," San said. "I think this is part of the Cambodia Town vision."
Greg Mellen can be reached at greg.mellen@presstelegram.com or (562) 499-1291.
32 comments:
I don't get it, why is Uncle Sam always messing up the Cambos? First Uncle Sam got Yasith Chhun, and now Uncle Sam is going after the Cambodian Bank?
persecution in the Land of the Free? this "Bank" has broken the law - and the Law shall break the "bank".
We live in the United States of America, we should follow the laws,rules and regulations. Mr. Richer San and Sithea San are very well know of their ability to bankrupt the Royal Air Cambodge in Cambodia. They were forced to flee to the U.S and now they screwed up with Golden Coast Bank. I think these people using the Cambodian community for their personal gain. We should clean these people up and it is time to get hope, integrity and dignity to the Cambodian community. I think they should be prosecute and throw in prison 25 years to life....for messing up hard earned cash from the poor people. If I were you, we need to pass out the words to friends and family members to WITHDRAW your money from the bank.
The DOJ should hit these guy hard.
The G-man with the financial task force should do some digging in Cambodia, while examining any irregularies.
In recent months, we've seen plenty of crooks with nearly-flawless (not impeccable) who committed financial fraud.
Crime is crime. Once crime is committed, you need to do your time for your complicity.
Lu and San, you will have a very hectic time ahead.
Great job, DOJ!
12:37 PM
These two gentlemen should pay for their crime.
Also, the DOJ should issue a subpoena to those Cambodians that live in Cambodia who involved in this complicity.
If the incident occured in Cambodia, these gentlemen can easily get a get-out-of-jail card from the government officials--and that does not work in the US.
Now, the whole world know that Richer San is a crook. The U.S Dept of Justice should investigate them and punish them to the extend of the law. Richer and his clans need to be prosecuted. They are an embarrasment to the community and Cambodia. They need to go and live in a desert or thrown in prison somewhere.
His wife, Sithea San is the Chair of Cambodia Town Inc., for over 8 years now...I think she is not stepping down from it. I think we should petition asking Sithea San RESIGNATION because Richer San is screwing up the Golden Coast Bank. We should have someone to lead Cambodia Town Inc., Sithea San needs to step down from her position to saved face,reputation, integrity and respect to the Cambodian people in Long Beach and all over the world.
SITHEA SAN MUST STEP DOWN AS CHAIR FROM CAMBODIA TOWN INC. NOW!!!!!!!
I heard there's a petition is being prepared to request Ms. Sithea San for her resignation as Chair of Cambodia Town Inc. It is a big issue now. People needs to know the truth about Richer San and Sithea San. They need to apology to the community.
We DEMAND RICHER AND SITHEA TO BE REMOVED FROM THE COMMUNITY. THEY PUT OUR CAMBODIAN COMMUNITY AT A VERY HIGH RISK.
Incredible!!! How can Richer San and sithea San be responsible for the bankrupcy of Royal Air Cambodge in Cambodia? Lol.
Richer and Sithea have always been in the United States. They didn't know anything about that pathetic Cambodia's airline which is now being bought by the Yuons.
Stop blaming the couple. Without their effort, there would never be a Cambodia Town at all. They are the ones who get the recognition that the Cambodians overseas in Long Beach deserve.
Regarding dealing with the CPP whatever, it is strictly about trading, exchanging, and economic activities. It is never a political thing. Look at Little Saigon of the Yuons. The Asian Garden Mall was actually invested and built by Singaporeans. In Cambodia Town, too many of the small plaza or shopping centers are all built and owned by the Koreans. So we need investors to put in some facilities in Cambodia town to attract more businesses. That is why the founders want to bring in some money from Cambodia. That is all. So please stop hating them. They just want to help the Cambos.
Khmers want to destroy Khmers.
God when are they going to stop?
If this Khmer couple can replace Yuon Sok Kong, will Khmers call for their resignation too?
Khmer are the racist people. Chinese-khmer are khmer and must be proud to have one of their own who has the khnow-how to run the bank. Intellectually, in business standpoint, khmer are not a merchant savvy but rather in farming and artistry. Khmer should realized that in all asian country chinese are well- respected as sucessful merchants and the economic back bone of the country. As an example nation like indonesia, thailand, and malaysia the economy and banking system are striving of the chinese. Khmer must be more educated and let go of their ignorance and racism which stain their awkward mentality for ages.
All khmer except the Chinese breed are sub-parred people. They are boasting and their mind are clouded with jealousy when one of their own try to succeed. Khmer are peasants and will always be. What are dumb and racist species.
Laws in America might not be similiar to those in cambodia, where we came from. US laws will punish whoever violates them. They don't discriminate people as to races, or colors of their skin. For anyone to say Khmers destroy Khmers right here in the US might not be right. And Khmers right here should learn that America is the land where laws are strickly enforce to guarantee that justice is properly (if not perfectly) served. Whoever wants to fool around with the US laws got to prepare himself to accept the consequences of his own action when it comes upon him.
7:38 PM
Not true. I am Chinese-Khmer and most of my family members said don't marry with the Khmer mon, taht are stupid. See how racist is my Chinese origin?
7:38 PM u r a liar. how about yuon racist? chinese racist? siem racist and every fucking racist?
Wow! I am shocked and surprised to see the Golden Coast Bank is violating the laws. Richer San, I thought he was good and capable person. I lost hope on this person now and rest of his clans...Edward, Monorom, Gary, Sithea, Rosana and a few more... I am cutting them loose.
Respectfully,
S.S
Hiyaaaa
7:38 PM and 7:45 PM
I am Chinese Cambodia and US citizen. I feel sorry for you two to have such ill feeling toward Khmers. Not all Khmers are racist and dumb. We are not different from one another. What make you to say Khmers are racist? Was it something had happen to your dearest one during the 1970 to 1980 period? You have to look at the circumstance at that time.
Look, don't care if you are white,black, gray, brown, yellow or green...people tend to have bias one way or another, but it is not intelligently to make a statement to label a certain group is a racist and etc.
Hmmmmmmm, I have an account with Golden Coast Bank, well, I better go and take out my money and closed it out. I do not want to gamble my money with an unstable bank. I better go right now before the bank closed for a long holiday.
Customer
4:41 AM hahahaha!
You better close it before they take these guys take your money to Hawaiian Gardens, Bicycle Club, Normandie, Hustler, Crystal Park, Commerce and Hollywood Park.
4:51AM,
You talk like you know all of those places, do you?
The government must have some good reasons for the closure.
These clowns will be in a deep shit if the the Department of Justice look into the complicity.
Don't worry! This is US--not Cambodia. The government does not just step in and issue the closure; they must have something, and only these crooks know. Now, they have to answer to the court.
One thing I can say is: this is not good.
One thing I can say is "Khmers like to kill each others". They like foreigners to control them instead of their won Khmers.
7:45 PM,
easy, ah soy ti....
fuck U as youn
why you hang ar-sihanuk ,his wife and ar-sihakmuni for fucker you not learn a bout armerican and between ar-sihanuk at all you live in US and you hang all communish picture in armerican sould ?
1:45 PM Best of the best!
You all hung communist pictures in American soil!
To all the dumb asses, the picture was in Cambodia when the Long Beach people went there to invite Sok An to come to their parade...
I think these people always getting themselves in trouble with the law. I am obvious that they will thrown in prison once the investigation proceeds...it is a matter of time.
Is the term "ah soy ti" a polite term for Khmer of Chinese origin? It sounds strange to me. I know the prefix "ah" in the Chinese is polite becuase they use it to call their relatives as "Ah ma, ah pek, ah mouy, ah tri, etc.
It is polite in term of Teachiv (juchow) chinese as "litlle boy" in English. But in a response to a bigot like 7:45 PM, it means a reciprocal greeting!
Sok An is a big thief of Cambodia.
These Guys such as Peter Long, Richer San and many CPP prominent members in The USA are The Sok An's Servant,(Sok An's Arm and Legs) and that money were stolen from Donors to Cambodia, Tea Money, counterfeit U.S.D.
They USES this Bank to Transfer or (wire) from Cambodia to That Golden Coast Bank to clean or wash their Black MONEY or durty MONEY.
I Ask U.S. Authority to look into hard currency, hard loan, hard cash of this Genden Coast Bank of the Cambodia thief of Sok An in very very hard cases. And this bank also link to Cambodian Grocery stores around Long Beach, LA and Santa Ana areas.
According knowledge and wells these Guys dont have That kind of MONEY unless they were tax fraudulent.
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