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Omni Bank (California)
Encyclopedia
Omni Bank is an overseas Chinese bank in the United States. Headquartered in Alhambra, California
, with branch offices
in Irvine, California
, Monterey Park, California
, Rowland Heights, California
, and San Jose, California
, this privately-held community bank
was first established in 1979. This California
based overseas Chinese bank is not the Omni Bank headquartered in Houston, Texas
founded in 1954.
The bank was originally established to accommodate the influx of Taiwan
ese immigrants which started in the late 1970’s. The original headquarters of the bank, Monterey Park, California
, was nicknamed as ‘’’Little Taipei
’’’ back then because many Taiwanese immigrants settled in the city. Gradually, the bank expanded its operations into Silicon Valley
by opening its branch office
in San Jose, California
.
On April 1, 1990, by way of a tender offer, 96% of the controlling interest of Omni’s outstanding stock
was purchased, as personal investment, by the Wang
family, which controls and operates the China Rebar Group, a well-known conglomerate
in Taiwan
. As of September 2006, the assets of the bank are $182,000 USD according to Federal Deposit Insurance Corporation
.
On January 5, 2007, the Republic of China
government on Taiwan announced it would take over a bank based in Taiwan under the China Rebar Group. 15 billion New Taiwan Dollar
s were withdrawn in just one day during runs on the bank. Omni Bank, which has no legal corporate affiliation with the Taiwanese bank, has sustained from any financial damage.
Alhambra, California
Alhambra is a city located in the western San Gabriel Valley region of Los Angeles County, California, United States, which is approximately eight miles from the Downtown Los Angeles civic center. As of the 2010 census, the population was 83,089, down from 85,804 at the 2000 census. The city's...
, with branch offices
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
in Irvine, California
Irvine, California
Irvine is a suburban incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28, 1971, the city has a population of 212,375 as of the 2010 census. However, the California...
, Monterey Park, California
Monterey Park, California
Monterey Park is a city in Los Angeles County, California, United States, east of downtown Los Angeles. The city's motto is "Pride in the past, Faith in the future"...
, Rowland Heights, California
Rowland Heights, California
Rowland Heights is an unincorporated community of , located in and below the Puente Hills in the San Gabriel Valley, in Los Angeles County, California. The population of the census-designated place was 48,993 at the 2010 census, up from 48,553 at the 2000 census...
, and San Jose, California
San Jose, California
San Jose is the third-largest city in California, the tenth-largest in the U.S., and the county seat of Santa Clara County which is located at the southern end of San Francisco Bay...
, this privately-held community bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
was first established in 1979. This California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
based overseas Chinese bank is not the Omni Bank headquartered in Houston, Texas
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
founded in 1954.
The bank was originally established to accommodate the influx of Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
ese immigrants which started in the late 1970’s. The original headquarters of the bank, Monterey Park, California
Monterey Park, California
Monterey Park is a city in Los Angeles County, California, United States, east of downtown Los Angeles. The city's motto is "Pride in the past, Faith in the future"...
, was nicknamed as ‘’’Little Taipei
Taipei
Taipei City is the capital of the Republic of China and the central city of the largest metropolitan area of Taiwan. Situated at the northern tip of the island, Taipei is located on the Tamsui River, and is about 25 km southwest of Keelung, its port on the Pacific Ocean...
’’’ back then because many Taiwanese immigrants settled in the city. Gradually, the bank expanded its operations into Silicon Valley
Silicon Valley
Silicon Valley is a term which refers to the southern part of the San Francisco Bay Area in Northern California in the United States. The region is home to many of the world's largest technology corporations...
by opening its branch office
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
in San Jose, California
San Jose, California
San Jose is the third-largest city in California, the tenth-largest in the U.S., and the county seat of Santa Clara County which is located at the southern end of San Francisco Bay...
.
On April 1, 1990, by way of a tender offer, 96% of the controlling interest of Omni’s outstanding stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
was purchased, as personal investment, by the Wang
Wang
Wang may refer to:Name:* Wang , one of two surnames with distinct Chinese characters.* Titles in Chinese nobility* A title in Korean nobility* A title in Mongolian nobilityPlaces:* Wang River in Thailand...
family, which controls and operates the China Rebar Group, a well-known conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
in Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
. As of September 2006, the assets of the bank are $182,000 USD according to Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
.
On January 5, 2007, the Republic of China
Republic of China
The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor...
government on Taiwan announced it would take over a bank based in Taiwan under the China Rebar Group. 15 billion New Taiwan Dollar
New Taiwan dollar
The New Taiwan dollar , or simply Taiwan dollar, is the official currency of the Taiwan Area of the Republic of China since 1949, when it replaced the Old Taiwan dollar...
s were withdrawn in just one day during runs on the bank. Omni Bank, which has no legal corporate affiliation with the Taiwanese bank, has sustained from any financial damage.