On June 18, 2014, Cathay General Bancorp announced that Peter Wu gave notice of his intention to retire from the position of Chief Operating Officer of the company and of Cathay Bank, effective July 1, 2014. His resignation was accepted by the boards of directors of the Company and of Cathay Bank on June 19, 2014. While he will no longer hold his position of Chief Operating Officer, he will continue as an Executive Vice Chairman and a director of the company and of Cathay Bank.