Open Bank in Los Angeles has formed a holding company.
The $654 million-asset bank said in a press release Monday that it had reorganized under OP Bancorp after receiving approval from shareholders and regulators.
Open Bank serves small and midsize businesses with a focus on Korean and other ethnic minorities. Under the reorganization, the directors and executive officers of both entities are the same.
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Carver Bancorp in New York has entered into a formal agreement with the Office of the Comptroller of the Currency that includes mandates tied to the Bank Secrecy Act and commercial real estate.
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BBCN Bancorp in Los Angeles will rebrand itself as Hope Bancorp after buying Wilshire Bancorp. The $8.1 billion-asset BBCN also plans to change the name of its banking subsidiary to Bank of Hope after the deal closes.
May 13 -
Hanmi wants to make sure that, when the dust settles, it is part of the nation's biggest Korean-American bank. The move also shows how difficult it will be for ethnic banks to gain meaningful scale while sticking to their niche groups.
November 24
"We think the new structure will be advantageous as Open Bank continues its excellent progress to grow into a premier community bank serving the Korean and other communities within its market," Min Kim, the company's chief executive, said in the release.
Open Bank has seven branches across Orange Counties and loan production offices in Seattle, Dallas, and Flushing, N.Y.
Buchalter Nemer in Los Angeles served as legal counsel for the reorganization.