ETHNIC COMMUNITIES ARE “NERVOUS” ABOUT PAT BUCHANAN’S ISOLATIONIST CAMPAIGN RHETORIC NOT BECAUSE THEY THINK THAT HE HAS THE SLIGHTEST CHANCE TO WIN A PRESIDENTIAL ELECTION, BUT BECAUSE IT MAY HAVE AN IMPACT ON TRADE LEGISLATION IN THE NEXT SESSION OF THE U.S. CONGRESS, DAVID YU, CHAIRMAN OF THE BOARD OF THE SUMMIT NATIONAL BANK, SAID AT A MEETING OF THE ASEAN PROFESSIONALS INC. MARCH 28.
“WHAT WILL BE THE RIPPLE EFFECT, ESPECIALLY ON TRADE ISSUES?” MR. YU ASKED RHETORICALLY IN RESPONSE TO A QUESTION DURING THE MEETING HELD AT THE ATLANTA CAMPUS OF MERCER UNIVERSITY. “IMPOSING IMPORT DUTIES WOULD PUT A LOT OF OUR CUSTOMERS OUT OF BUSINESS.”
MR. YU DESCRIBED THE SUCCESSFUL EVOLUTION OF THE SUMMIT BANK FROM ITS EARLY DAYS IN THE LATE 1980S WITH ASSETS OF $12 MILLION TO THE $140 MILLION INSTITUTION IT IS TODAY, ADDING THAT ITS MISSION TO PROVIDE COMMERCIAL LENDING AND INTERNATIONAL BUSINESS SERVICES HAS REMAINED THE SAME SINCE ITS FOUNDING IN 1988.
HE SAID THAT HE FIRST SAW THE OPPORTUNITY FOR AN “INTERNATIONAL COMMUNITY BANK” WHEN HE WAS WORKING IN THE INTERNATIONAL DEPARTMENT OF THE FORMER C&S BANK. AT THAT TIME, HE WOULD RECEIVE CALLS FROM THE BANK’S BRANCHES COMPLAINING THAT FOREIGN NATIONALS WERE TRYING TO OPEN ACCOUNTS WITH ONLY THEIR PASSPORTS AS IDENTIFICATION AND NOT A GEORGIA LICENSE AS REQUIRED BY BANK POLICY.
“IT WAS OBVIOUS THAT THEY WEREN’T USED TO DEALING WITH FOREIGN NATIONALS,” HE SAID. “A PASSPORT IS A LOT HARDER TO GET THAN A LICENSE.”
WHILE THE LOCAL BANKS WERE SLOW TO GRASP THE OPPORTUNITY TO BANK ATLANTA’S NEW IMMIGRANTS, HE PARTICIPATED IN DEVELOPING A BUSINESS PLAN IN 1987, WHICH, HE SAID, REMAINS VIRTUALLY THE SAME NINE YEARS LATER.
THE BANK’S FIRST THREE YEARS WERE ITS HARDEST, ACCORDING TO MR. YU, BECAUSE OF THE HIGH OVERHEAD REQUIRED BOTH FOR ITS LAUNCH AND MAINTENANCE. BUT IT BENEFITED, HE SAID, FROM THE BACKING OF GERMAN CLIENTS AND THE RAPID GROWTH OF ASIAN COMMUNITIES. HE ADDED THAT THE BANK HAS BEEN RANKED AS THE TOP PROVIDER OF SMALL BUSINESS ADMINISTRATION LOANS IN THE ATLANTA METRO AREA FOR THE PAST FOUR YEARS.
ITS PROSPECTS FOR THE FUTURE ALSO ARE BRIGHT, HE SAID. WITH ATLANTA’S PROFILE HEIGHTENED BY THE OLYMPICS, HE THINKS MANY IMMIGRANTS FROM ASIA AND ELSEWHERE WILL MOVE HERE WITHOUT FEELING A NEED TO FIRST RESIDE IN CALIFORNIA, ESPECIALLY WHEN THEY COMPARE THE PRICE OF HOUSING.
AND ATLANTANS SHOULD APPRECIATE THE EFFORTS OF IMMIGRANTS IN PREPARING FOR THE SUMMER GAMES, INCLUDING MANUAL WORKERS SOME OF WHOM MAY HAVE ENTERED THE COUNTRY ILLEGALLY. “WITHOUT ILLEGAL IMMIGRANTS, THE OLYMPIC VENUES WOULD NEVER BE FINISHED,” HE SAID.
FOR MORE INFORMATION ABOUT ASEAN PROFESSIONALS INC. PROGRAMS, CALL SHARON LIM AT (770) 986-3420.