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.
