Far East National Bank

Immediate Release

January 14, 2004

FEDERAL RESERVE BOARD APPROVES FIRST ASIAN-BASED BANK, SINOPAC HOLDINGS OF TAIWAN, AS U.S. FINANCIAL HOLDING COMPANY

LOS ANGELES, January 14, 2004 - The Federal Reserve Board has certified SinoPac Holdings and Bank SinoPac, both of Taipei, Taiwan, and SinoPac Bancorp of Los Angeles as United States financial holding companies, the first Asian-based banking organizations to qualify in the U.S. SinoPac Holdings operates in the United States with its wholly owned subsidiaries, Far East National Bank and FENB Securities, based in Los Angeles. Bank SinoPac also operates a branch office in Los Angeles.

"This confirms our advanced position among Asian financial institutions," said Paul Lo, President and CEO of SinoPac Holdings, noting that SinoPac Holdings is an approved financial holding company in Taiwan by the Ministry of Finance. "As a financial holding company, we now have the opportunity to become a diversified financial services institution in the U.S. as we currently are in Taiwan," he adds. "As a financial holding company, SinoPac Holdings and its subsidiaries will be able to engage in the full range of activities and investments in the U.S. permitted for U.S. bank holding companies, including securities and insurance activities."

The Federal Reserve certification was effective December 19, 2003.

SinoPac Holdings, with total assets of US$16.8 billion, is the parent company of Bank SinoPac of Taiwan and Los Angeles-based Far East National Bank with assets of US$1.6 billion.

SinoPac Holdings is an integrated financial services company serving Asia Pacific with commercial banking, securities, insurance brokerage, credit cards, leasing, futures, investment consulting and asset management consulting. It has offices in Hong Kong, China, London, Tokyo, Vietnam and the United States along with 100 outlets in Taiwan.

Far East National Bank was acquired by Bank SinoPac in 1997 and supports the SinoPac Holdings group in China with a Far East National Bank Beijing Representative Office and its strategic relationship with First Sino Bank in Shanghai. First Sino Bank offers full service banking in U.S. dollars and Chinese yuan for Asian and U.S. enterprises. Far East National Bank has 15 offices throughout California with headquarters in Los Angeles.

Far East National Bank Contact:
Kenny Hsu
(213) 687-1349

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