Far East Bank was a bank in Hong Kong which has since merged into Bank of East Asia. Far East Bank was founded in 1959 by Mr. Deacon Chiu (), the founder of Far East Holdings. It started as a

qianzhuang Qianzhuang () were local independent Chinese banks in the early modern period, as distinguished from the nation-wide bank networks headquartered in Shanxi province called the " Shanxi banks" (票號, ''piaohao''). Also known by a variety of reg ...

(native bank) in

Tsuen Wan Tsuen Wan (formerly also spelled Tsun Wan) is a town built on a bay in the western New Territories of Hong Kong, opposite of Tsing Yi Island across Rambler Channel. The market town of Tsuen Wan emerged from the surrounding villages and flee ...

by collecting deposits from

farmers A farmer is a person engaged in agriculture, raising living organisms for food or raw materials. The term usually applies to people who do some combination of raising field crops, orchards, vineyards, poultry, or other livestock. A farmer mi ...

. In the 1960s, it suffered heavily from heavy lending to

property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...

sector and fraud. In 1965, bank runs occurred in several small and medium banks in Hong Kong, which eventually triggered the stock market crash in 1965. By order of the

British Hong Kong Hong Kong was a colony and later a dependent territory of the British Empire from 1841 to 1997, apart from a period of occupation under the Japanese Empire from 1941 to 1945 during the Pacific War. The colonial period began with the Briti ...

government, the bank was aided by The Hongkong and Shanghai Banking Corporation until it was acquired by

First National City Bank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

in 1969. In 1992, the bank was acquired by First Pacific and merged to

Hong Nin Savings Bank Hong Nin Savings Bank (Traditional Chinese: 康年儲蓄銀行) was a bank in Hong Kong, founded in 1921. The bank went into administration in September 1986 following defaults on several loans related to shipping, and was taken over by the colo ...

to form

First Pacific Bank First Pacific Bank Limited was a bank based in Hong Kong. It was a wholly owned subsidiary of the investment holding company FPB Bank Holding Company Limited (FPB Bank Holdco). Its headquarters were in the First Pacific Bank Centre in Wan Cha ...

. In 2000, First Pacific Bank was acquired by the Bank of East Asia. In 2002, the bank was merged into Bank of East Asia.BANK OF EAST ASIA MERGES WITH FIRST PACIFIC BANK
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References

{{Authority control Defunct banks of Hong Kong Bank of East Asia Banks established in 1959 Banks disestablished in 1992