Far East Bank was a 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:...

 in Hong Kong

Hong Kong

Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...

. It is now merged to Bank of East Asia

Bank of East Asia

The Bank of East Asia Limited often abbreviated to BEA, is the largest independent local bank and the third largest bank in Hong Kong. Its chairman and chief executive is Sir David Li...

.

It was founded in 1959 by Mr. Deacon Chiu , the founder of Far East Holdings. It is started as a small bank in Tsuen Wan

Tsuen Wan

Tsuen Wan is a bay in the Kowloon area of Hong Kong, opposite to Tsing Yi Island across Rambler Channel. The market town of Tsuen Wan emerged for the surrounding villages and fleets of fishing boats in the area. The town is around the present-day Tsuen Wan Station of the MTR...

 by collecting deposits from farmers. In 1960s

1960s

The 1960s was the decade that started on January 1, 1960, and ended on December 31, 1969. It was the seventh decade of the 20th century.The 1960s term also refers to an era more often called The Sixties, denoting the complex of inter-related cultural and political trends across the globe...

, it suffered heavily from heavy lending to property

Property

Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...

 sector and fraud

Fraud

In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...

. In 1965, bank runs happened in several small and medium banks in Hong Kong, which finally triggered off stock crash in 1965. Ordered by British Hong Kong

British Hong Kong

British Hong Kong refers to Hong Kong as a Crown colony and later, a British dependent territory under British administration from 1841 to 1997.- Colonial establishment :...

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

Citibank

Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...

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

First Pacific

First Pacific Company Limited is a Hong Kong-based investment and management company with operations located in Asia. It involves telecommunications, consumer food products and infrastructure. Its chairman is Anthoni Salim , an Indonesian Chinese entrepreneur....

 and merged to Hong Nin Savings Bank

Hong Nin Savings Bank

Hong Nin Savings Bank was a bank in Hong Kong, founded in the 1930s. The bank went into administration in September 1986 following defaults on several loans related to shipping, and was taken over by the colonial Government of Hong Kong.Hong Nin was subsequently acquired by First Pacific and...

 to form First Pacific Bank

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...

.

In 2000, First Pacific Bank was acquired by Bank of East Asia. In 2002, the bank was merged to Bank of East Asia.